Link renews AustralianSuper contract

Link renews AustralianSuper contract

Sarah Simpkins
— 1 minute read

Link Group has extended its contract with AustralianSuper for a further four years commencing from the start of July, coinciding with what the administration provider called a “fundamental shift in the Australian wealth sector”.

The group is set to continue to look over superannuation and customer engagement services for the fund.

Link’s work for AustralianSuper includes automated back-office processing and engagement activities spanning contact centre operations to insurance claims processing, as well as, more broadly, technology, cyber security and data services.

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There are no material conditions to be satisfied prior to the extended contract taking effect.

The financial services provider downgraded its expected profit for the full year earlier this month, expecting regulatory change in the super industry to affect its fund administration earnings.  

Link reduced its anticipated NPATA to the range of $195–$205 million, slipping from its prior full-year result of $206.7 million.

In anticipation of the Protect Your Super Package reforms, Link said it was experiencing increased levels of activity through fund member communication programs and adjustments to product offerings. The group planned to invest in additional resources to meet the demand.

AustralianSuper increased its administration fee for the first time in a decade at the beginning of this year, which it said reflected growing demand for more member services.

“With the superannuation industry in the middle of a significant transformation, Link Group will play an integral part in enhancing the member experience through ongoing investment in innovation,” Dee McGrath, chief executive, Link Fund Administration, said. 

“Our focus on delivering streamlined digital and data solutions that are strongly aligned with AustralianSuper’s technology and digital strategies is critical to our ongoing partnership. It means we will be working together to deliver innovation in products and services to members.”

Ms McGrath commenced in her role overseeing Link’s administration of Australian super funds at the beginning of June.

Recently, Link also confirmed the sale of its Corporate & Private Clients business (CPCS) to UK-based Apex Group for approximately $450 million.

Link’s full-year results will be released on 29 August.

 

Link renews AustralianSuper contract
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