St John fund to Acumen

ST John Ambulance WA has outsourced its $45 million superannuation fund to Acumen Super.

The contract with St John is Acumen’s first step into the WA market, following its establishment just more than a year ago.

St John deputy chief executive Tony Ahern said that, like many other organisations, the decision to outsource was driven by the view that superannuation was not a core activity and the recognition that regulatory and compliance tasks facing trustees were becoming increasingly onerous.

“It wasn’t possible to give members the services and choices they expect these days, at a competitive price,” Mr Ahern said.

St John engaged Sydney consulting firm Rice Walker to advise on the tender process.

It selected Acumen over two other short-listed master trusts, National Australia Bank’s Plum and Mercer.

Mr Ahern said one attraction was the cultural fit between St John and Acumen, which are both not-for-profit organisations.

Other attractions included its historic investment performance, the range of investment options, its low price and its member services.

Acumen is a division of the giant REST industry fund and was established specifically to target the corporate super market.

Mr Ahern said that once the transition to Acumen was complete, St John would offer its 700 staff the ability to select their own superannuation fund.