2 February 2022
Newly merged Queensland superannuation fund LGIAsuper and Energy Super has proven its resilience and strength to achieve a ‘Platinum’ rating for their Accumulation and Pension products of both funds for the 14th year in a row1. For the ninth year in a row, the fund’s MySuper Lifecycle option (launched in January 2014) also received a Platinum rating for the MySuper category.
Independent superannuation research and consulting company SuperRatings has recognised LGIAsuper and Energy Super as ‘a best value for money’ that is well balanced across all key assessment criteria - investments, fees and charges, insurance, member servicing and administration in a robust, secure and proven governance/risk framework.
The awards highlight the similar strengths of LGIAsuper and Energy Super prior to the merger on 1 July 2021 and the continued strong commitment to members after the transition into one fund.
LGIAsuper and Energy Super CEO Kate Farrar said the fund owed its success to being member-driven and results-focused, while successfully navigating a merger and volatile world still in the grips of the Covid-19 pandemic.
“Last year I said our ‘Platinum’ ratings were particularly exciting, as it showed that even in a year of volatility, we were able to continue to deliver for our members,” Ms Farrar said.
“To do it again amidst continual volatility, change and a merger of two funds into one demonstrates our commitment to delivering the best possible outcomes for our members.
“Our fund prides itself on investment strategies that include putting members’ funds in the communities where our members live and work. Many of our members can see their money at work in building better communities and a better future.”
As the highest rating awarded by Chant West, the ‘5 Apple’ accolade indicates that LGIAsuper Accumulation and Pension products are of the ‘highest quality’, based on an assessment of the fund’s investment performance, member services, fees, insurance and organisational strength.
LGIAsuper and Energy Super has around $24 billion in member savings under management, with approximately 123,000 members.
The fund is currently working on the next stage in its growth: the acquisition of Suncorp’s superannuation business, Suncorp Portfolio Services Limited (SPSL).
The acquisition of SPSL is due to be completed in the first half of 2022. The combined funds will have about 250,000 members and around $30bn under management.
1You 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.