16 December 2021
The past 12 months have been incredibly productive for our fund; not only have we merged with Energy Super to become an even stronger Queensland-first superannuation fund of around $24 billion, but we have also successfully navigated major changes to our industry.
Into 2022 we will continue to work on the next stage in our fund's growth, our acquisition of Suncorp's superannuation business, Suncorp Portfolio Services Limited (SPSL). The combined funds will have about 250,000 members and around $30 billion under management.
In other good news for members, we end the year with Queensland reopening its borders and members reuniting with their out-of-state friends and families. We expect to see a boom in domestic flights as families clamour to see each other over the holidays and as confidence returns to the Queensland tourism industry.
We are thrilled to say that our members are primed to reap the rewards of the fund's long-standing commitment to investing where members live and work. With shares in Cairns (3.46%), Townsville (5.19%), Mount Isa (5.19%) and Mackay (3.46%) airports, fifty per cent ownership of the Sunshine Coast Airport, and a major share of the Gold Coast Airport, we expect the increase in flights to these regions now and into 2022 to result in strong returns to members.
Superannuation reforms were also introduced by the Government this year to deliver better outcomes for members. As a profit-for-members fund, LGIAsuper has long supported changes that benefit our members and promote further transparency and accountability in the sector.
In September, we were pleased to inform members that we were successful in meeting the Your Future Your Super benchmarking set out by the regulator. However, to better our performance of LGIAsuper’s MySuper products and its ranking when compared to other funds into the future, we have and continue to take a number of proactive steps, including:
1 You should refer to respective research houses (and their disclaimers) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated. Ratings are current as at date of publications. LGIAsuper pays a fee to some research houses for rating our funds.