OnePath Life appointed by LGsuper
OnePath Life has replaced AIA Australia as the group insurer for LGsuper, effective 1 July this year.
LGsuper is the superannuation fund for Queensland local government employees. The fund merged with City Super, which is the superannuation fund for Brisbane City Council employees, in July 2011.
OnePath has been the group insurance provider for City Super since 2007.
After an extensive tender process following the merger, LGsuper chose to use OnePath as the group insurer for the entire fund.
OnePath acting general manager for insurance Robin Knight said his company planned to continue delivering "expert, competitive solutions to LGsuper's members and its trustee".
"We have been building a strong relationship with LGsuper and since the City Super merger our team has worked hard to expand the existing partnership," Knight said.
The total combined insurance plan will add $20 million to OnePath's annual premium, according to a OnePath statement.
LGsuper chief executive David Todd said the fund's board had decided the proposal by OnePath "represented the best overall outcome for our membership".
"Following the LGsuper and City Super merger, LGsuper has been working towards consolidating its legacy insurance arrangements with one group insurer from 1 July 2012, with a view to improving its insurance offering," Todd said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
