Prime Super has agreed in principle to appoint global financial services firm Russell Investments to deliver administrative services from 1 January next year.
Currently, Prime Super's administration is provided by Pillar Administration.
"The decision to change administrators was not an easy one and we have undertaken a highly competitive and detailed tender process. We've also had a good relationship with Pillar over the life of the contract," Prime Super chief executive Lachlan Baird said.
"Given our significant growth agenda we felt Russell's leading edge administration model was best suited to help us achieve our goals," Baird said.
"A transition plan is now in progress to formalise Prime Super's in principle decision and we will be working closely with Pillar and Russell to ensure that members and employers have as few interruptions to service as possible during the changeover," Baird said.
The fund did not disclose any financial details of the contract.
Prime Super also said it would launch additional members services, including intra-fund advice.
Baird said this could include the hiring of financial planners.
"We are looking at that," he said. "We have a strategy day coming up in April and all those matters will be discussed in full detail then."
Other initiatives include contribution strategies, ATM access for Prime Super's pension product and a strong member education program.
