Industry Superannuation Net income $2,678,267,000 Website www.sunsuper.com.au Headquarters Brisbane, Australia Founded 1987 Type of business Privately held company | Operating income Total equity $18,378,579,000 Revenue 4.343 billion USD Total assets 18.85 billion USD Area served Australia | |
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Key people Ben Swan, Chairman of the Board,
Scott Hartley, Chief Executive Officer,
David Hartley, Chief Investment Officer CEO Scott Hartley (28 Jan 2014–) Profiles | ||
Sunsuper is a public offer super fund company based in Brisbane, Queensland, Australia. It was set up in 1987 as a multi-industry superannuation fund to cater for virtually all workers. With over one million members, Sunsuper is the largest superannuation fund by membership in Queensland, and is one of the top ten in Australia. Over 67,000 employers pay money into Sunsuper funds.
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As a ‘profit-for-members’ fund, Sunsuper exists solely for the benefit of its members. It does not pay dividends to its shareholders. Sunsuper’s shareholders and sponsors are Chamber of Commerce & Industry Queensland, the Queensland Council of Unions, and the Australian Workers' Union of Employees, Qld.
Sunsuper Pty Ltd is the Trustee of the Sunsuper Superannuation Fund and is managed by a Board of Directors with equal employer/member representation. Three Directors are appointed by Commerce Queensland; two by the Queensland Council of Unions and one by the Australian Workers' Union of Employees, Qld. The Chairman of the Board is appointed for a two-year term and this position is rotated between the employer and the member representative directors. The current Chairman is Graham Heilbronn.
On 14 February 2013, Sunsuper was announced as the first superannuation fund in Australia to be awarded a MySuper authority. The Minister for Financial Services and Superannuation Bill Shorten said he congratulated Sunsuper for being an industry leader.
Fund Management
In 2007, Sunsuper managed A$13 billion worth of funds and its millionth member. By May 2012 Sunsuper was looking after over A$19 billion for its members. Investments are outsourced to many of the major investment managers in Australia and overseas. Insurance cover for members is provided through group life polices with insurers such as AIA Australia Limited. Custodial services are provided by State Street Australia Limited.
In June 2008, Mercer was appointed as Sunsuper's investment consultant. The contract was renewed for another three years in 2011. Sunsuper employs more than 40 managers to administer its fund.
Customer base
There are two main types of customers at Sunsuper. Firstly, the employers who pay contributions to the Fund on behalf of their employees, and secondly, Sunsuper members. Changes to the way super works means that most people can now select their own super fund and ask their employer to use it for them. Currently, over 67,000 employers pay money into Sunsuper.