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Construction & Building Industry Super, the $17 billion fund, says its new information technology systems developed by Superpartners will benefit its 655,000 members by improving services while increasing the efficiency of its administrative processes.
Melbourne-based Cbus says it is “optimistic” Superpartners’ SpRIGHT, a registry and administration system, will benefit its members and employers when it becomes the fund’s “new platform later this year”.
“We are confident and optimistic about the benefits our members and employers will receive from the new IT platform, spRIGHT,” David Atkin, Cbus chief executive, says in an email to I&T News.
“The benefits the new platform will bring will be borne out in increased efficiency within our administrative processes and improved service for our members and employers,” says Atkin.
The Australian Financial Review reported January 4 that Cbus, AustralianSuper, HOSTPLUS, HESTA and MTAA Super have recorded their investment in Superpartners’ information technology as an injection of equity capital and not as an expense.
Superpartners’ information technology platform is now costing the five funds $130 million, the newspaper says. That is three times its original cost after a three year delay, the paper says.
Superpartners chief executive Greg Camm did not return calls for comment. A company spokesman says they “were not in a position to respond” to the Australian Financial Review’s report of the cost overruns of its technology platform or the total cost of the project.
AustralianSuper, HOSTPLUS and HESTA declined to comment. Leeanne Turner, chief executive of MTAA Super, says the Superpartners’ information technology platform is an “industry issue”.
The Australian Prudential Regulation Authority declined to comment.
Superpartners says on its web site it is Australia’s largest superannuation fund administrator.
“We focus on industry super and aim to provide administration services at the lowest possible cost,” says Superpartners web site. The company says it provides administration services for about $97 billion in funds under management.
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The AFR report also did not mention some key and important information. In APRA’s most recent reports on superfunds and outsourccing – APRA found the following FACTS
1. Retail funds pay higher fees to related service providers than not for profits
2.The average retail fund member pays $290 per year more in admin fees than nfp fund members
The report also talked about the efficiency of outsourcing in nfps and that it was driven by functionality and cost effficiency, while outsourcing by retail funds is integral to the revenue model.
APRA did not raise concerns about outsorucing in the nfp sector – as is inferred in the AFR articles.