Three Tabcorp super funds go to AMP

Tabcorp Holdings has appointed AMP's SignatureSuper master trust to manage the superannuation needs of the members of the Tabcorp Superannuation Fund, the Jupiters Limited Superannuation Fund, and the Tab Limited Staff Superannuation Fund.

Under the new arrangement a single fund called the Tabcorp Superannuation Plan will be established and will service the 4,500 members and the $200 million of assets held collectively by the three Tabcorp funds.

Members will receive improved services via the SignatureSuper product including a reduction in costs, access to financial planning services, an expanded range of investment and insurance options, a 24 hour website specifically for Tabcorp members and a better education facilities. Existing contributions and benefit arrangements will not be affected by the outsourcing decision.

Tabcorp Executive General Manager, Human Resources, Robert Preston says "we decided that with the ongoing complexity of superannuation, the forthcoming requirement for Trustee boards to be licensed and the choice of fund regime just around the corner, it made sense to outsource our super arrangements."

He says AMP was chosen because of their structure, the improved services that will be provided for members, and their competitive cost structure.

Tabcorp used The Heron Partnership as consultants for the outsourcing decision that included a three-month tender process.