The industry fund for government employees has rebranded to Active Super, with chief executive Phil Stockwell commenting the change is part of a broader strategy to attract new members.
“Our ambition is to grow our membership by delivering great value to our members and this rebrand is key to that growth,” Mr Stockwell said.
“This decision is part of the natural progression that we’ve been following since March 2009 when the fund opened to members outside the local government sector.”
The fund’s trustee will remain as LGSS.
From July, Active Super will also cut its administration fees across its Accumulation Scheme, the Account-Based Pension Plan and the Retirement Scheme products. Further, it will remove its switching fee.
Accumulation Scheme members will see a total administration fee reduction of at least 4 per cent per annum depending on the size of their balance. For a member with $50,000, they would see 5.2 per cent less in annual administration fees.
Meanwhile members with the Account-Based Pension Scheme and Retirement Scheme products will see a reduction in the weekly administration fee.
Active Super chair Kyle Loades noted the fund’s investments, service and operations will not be affected by the rebrand and it will retain profit-for-member status.
“We remain a focused player where size and scale are used to our advantage and we will maintain our regional presence servicing local government across NSW,” Mr Loades said.
Active Super has continued to market itself as a leader in responsible investing with the new name. The fund has been a signatory to the UN Principles for Responsible Investment in 2007 and barring investment in tobacco 20 years ago.
“Our aim is to help members maximise their retirement income by earning long-term sustainable investment returns. While we are an industry leader in responsible investment, our number one priority is delivering the best member outcomes possible,” Mr Stockwell said.
“We want to use size to our advantage as we are nimble enough to actively manage our investments to deliver great long-term returns and high levels of service for our members.”
The fund has also redesigned its website, upgrading its app and promising boosted functionality and improved experience for its members.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].