And then there were six super contenders…
The list of 10 contenders for Austrlia’s biggest corporate superannuation outsourcing deal has been whittled down to six.
Mercers, Plum, Towers Perrin, STA and Chifley are still in the running for the contract to provide administration and financial planning services for the OneSteel superannuation fund. This means that early contenders including AMP, BT Funds Management and Colonial have all been ruled out of contention.
A late entry to the race has been the superannuation fund from which the $650 million is to be taken from. The $3.3 billion BHP Super fund has also thrown its hat in the ring to provide the services for its former members when OneSteel is officially spun off from BHP later this year.
OneSteel has specifically asked for a group that can provide a master trust structure and financial planning services to its members. It has also stipulated the successful candidate has to be able to service the $340 million in the defined benefit fund and the $310 in the defined contribution fund.
Sydney-based consultant Warren Chant from Warren Chant Financial Services says presentations are being made to the BHP steering committee this week.
The steering committee will then make its recommendations to the board.
Chant expects a decision on the deal to be made in September.
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