AMP secures Tabcorp super funds

The corporate superannuation outsourcing trend is continuing to build momentum in 2005, with Tabcorp Holdings Limited announcing that it has appointed AMP's SignatureSuper master trust to manage its future superannuation arrangements for 4,500 of its employees.

The move will see the Tabcorp Superannuation Fund, the Jupiters Limited Superannuation Fund and the TAB Limited Staff Superannuation Fund folded in the big AMP master trust.

The three funds have around $200 million in assets and will be combined into one new fund called the Tabcorp Superannuation Plan.

Tabcorp's Executive General Manager Human Resources, Robert Preston, made clear that the outsourcing decision had been driven by the increasing complexity of superannuation regulation and the new Trustee licensing provisions.

"We decided that with the on-going complexity of superannuation, the forthcoming requirement for Trustee boards to be licenced and the choice of fund regime just around the corner, it made sense to outsource our superannuation arrangements," he said.

The outsourcing tender was managed by The Heron Partnership with Managing Director, Chris Butler, pointing out that there had been strong interest from a range of players.

"On this occasion AMP represented the best fit for Tabcorp and indeed the best overall value for money, notwithstanding they were not the lowest priced participant," he said.