AustralianSuper secures corporate mandate

Australia's largest super fund is the new default superannuation provider for an ASX 200 company with over 1200 employees.

AustralianSuper Select is now the default fund for McMillan Shakespeare Group, effective February 1.

McMillan Shakespeare is the country's largest single source solution provider of salary packaging, novated leasing, consumer and fleet financing and management services.

AustralianSuper announced the change to McMillan Shakespeare employees at the end of January, noting that employees who are current AustralianSuper members would be transitioned into their new Select fund in March 2020.

AustralianSuper Select is the funds MySuper authorised product and members are automatically invested in the default Balanced option.

The news comes after AustralianSuper was named as ASIC's default super fund in May last year, followed by Australia Post in June after it faced pressure from the Communications Workers Union (CWU) to dump AMP.

In the handout to McMillan Shakespeare employees, AustralianSuper said: "While you're with McMillan Shakespeare Group we'll apply the better of your individual or category rating to keep insurance costs as low as possible."

"If you leave McMillan Shakespeare Group you'll move to AustralianSuper Plan and keep your insurance with us, but the cost of it will change and it'll be based on your individual work rating. We'll write to you if this happens."

Read more: McMillan Shakespeare GroupAustralianSuper SelectAustralianSuper Plan
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