Sunsuper

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Sunsuper
Private
Industry Superannuation
Founded 1987
Headquarters Brisbane, Australia
Area served
Australia
Key people
Andrew Fraser, Chairman of the Board,
Scott Hartley, Chief Executive Officer,
Brian Parker, Chief Economist,
Ian Patrick, Chief Investment Officer
Website www.sunsuper.com.au

Sunsuper is a public offer super fund company based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund to cater for all workers. With more than A$47 billion in funds under management (as at October 2017) and over one million members, Sunsuper is the largest superannuation fund by membership in Queensland. Over 100,000 employers pay contributions (money) into Sunsuper on behalf of their employees.[1]

On 14 February 2013, Sunsuper was announced as the first superannuation fund in Australia to be awarded a MySuper authority. The Minister for Financial Services and Superannuation Bill Shorten said he congratulated Sunsuper for being an industry leader.[2]

In April 2017, Sunsuper and Kinetic Super announced a merger.[3]

Board of Directors (Trustee)[edit]

Sunsuper Pty Ltd is the Trustee of the Sunsuper Superannuation Fund and has a Board of Directors with equal representation between independent directors, member representatives and employer representatives. The Board is responsible for managing the Fund, and ensures it operates in the best interests of all members and continues to comply with all legal requirements. Three directors are appointed by the Queensland Chamber of Commerce and Industry Ltd, two directors by the Queensland Council of Unions and one director by the Australian Workers' Union of Employees Queensland. The independent directors are appointed by the Board following nomination by either the member or employer representatives. The Chairman of the Board is appointed for a two-year term and this position is rotated between the employer and the member representative directors. The normal term of appointment for a director is three years and may serve a maximum of four terms.

Sunsuper’s shareholders and sponsors are Queensland Chamber of Commerce and Industry Ltd, the Queensland Council of Unions, and the Australian Workers' Union of Employees, Qld.

Investments[edit]

Sunsuper manages its investments through a combination of in-house management and oversight of more than 40 external investment managers in Australia and major financial centres around the world.

In 1997, ten years after been established, Sunsuper reached its first A$1 billion in funds under management (FUM). By 2007, FUM had grown to A$13 billion .

In June 2008, Mercer was appointed as Sunsuper's investment consultant.[4] The contract was renewed for another three years in 2011. Custodial services are provided by State Street Australia Limited.[5]

Administration[edit]

Sunsuper is a fund which owns and controls its fund administration.

Insurance cover for members is provided through group life policies with insurers such as AIA Australia Limited.

Sponsorships[edit]

  • Dreams for a Better World Sunsuper’s Dreams for a Better World program is a $150,000 annual grant pool Sunsuper offers a helping hand to Australian-based community groups and not-for-profit organisations.

See also[edit]

References[edit]

  1. ^ "Sunsuper Annual report 2015–16" (PDF). Sunsuper.com.au. Retrieved 2010-11-30. 
  2. ^ Bill Shorten (14 February 2013). "Sunsuper awarded first MySuper authority". Retrieved 14 February 2013. 
  3. ^ Patten, Sally. "Sunsuper and Kinetic agree on $45 billion merger". AFP. Retrieved 27 September 2017. 
  4. ^ "Sunsuper retains investment consultant Mercer". 
  5. ^ "How to manage billions".