AustralianSuper partially in-sources administration

Major superannuation fund administrator, Link Group appears to have retained its crucial AustralianSuper mandate.

However, AustralianSuper has decided to take crucial elements of the mandate, death claims and member complaints, in-house.

While Link has yet to fully lock-down retention of the mandate with Australia’s largest superannuation fund, it said that it had entered a memorandum of understanding to negotiate an extension of the arrangement.

Under the MOU, AustralianSuper and Link will hold detailed discussions regarding the commercial and contractual terms of extending the administration mandate.

Link told the Australian Securities Exchange (ASX) that the discussions would determine the “contractual terms on which Link Group will continue to deliver core administration and data services to AustralianSuper”.

“Link Group will also provide support to AustralianSuper as it transitions areas that it considers highly specialised to the Fund, such as death claims and member complaints internally,” it said.

Link Group sought to emphasise the positives in its ASX announcement, noting that the extended relationship would run to 2028.

At the same time as announcing the MOU with AustralianSuper, Link reaffirmed its FY24 guidance.