$45bn Successor Fund Transfer of BT Super to Mercer Super
When Westpac undertook to transition members of BT Super to Mercer Super - one of the largest superannuation Successor Fund Transfers (SFT) in Australian history - it faced a complex set of challenges spanning regulatory considerations, member migration, and the transition of a diverse range of investment assets. Our team provided strategic guidance, transition oversight and operational expertise to ensure a seamless, efficient, and risk-mitigated transfer.
Client Testimony
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The completion of this landmark SFT positioned Mercer Super as a key player in Australia's superannuation landscape while allowing Westpac to streamline its wealth operations. IA's ability to navigate both operational and investment complexities their reputation as a trusted partner in Australia’s investment, superannuation and wealth management industries. BT Funds Management Limited
Key Challenges
- Regulatory Compliance & Governance: Ensuring full compliance with APRA regulations and SFT governance requirements while maintaining transparency for stakeholders.
- Seamless Member Migration: Managing the transition of member accounts, ensuring data integrity, and minimising disruption to member services.
- Asset Transition Complexity: Facilitating the transfer of a multi-asset portfolio, including unlisted assets with pre-emptive rights, liquidity constraints, and valuation considerations.
- Operational & System Integration: Aligning legacy BT Super systems with Mercer Super’s infrastructure while maintaining operational continuity.
Solution Highlights
- Strategic Oversight & Governance Support: Led a structured approach to compliance, risk management, and stakeholder engagement, ensuring adherence to regulatory requirements.
- Data & Member Transition Expertise: Developed a comprehensive data migration strategy, conducting rigorous validation to ensure accuracy and minimise disruption.
- Investment & Asset Transition Management: Worked closely with fund managers, custodians, and legal teams to facilitate the smooth transition of listed and unlisted assets, ensuring adherence to pre-emptive rights agreements and liquidity strategies.
- Technology & Operational Alignment: Supported system integration efforts to enable a seamless transition of records, reporting, and ongoing fund administration.
Outcome
- Successful Transition of Over $45 Billion in Assets – Ensured a smooth migration of investment portfolios while maintaining equity for members.
- Seamless Member Experience – Transferred thousands of member accounts with minimal disruption to services and no impact on benefits.
- Regulatory & Compliance Excellence – Delivered a fully compliant transition in line with APRA guidelines, mitigating legal and operational risks.
- Operational & Investment Continuity – Facilitated a structured and efficient transfer of assets, including complex unlisted investments, ensuring portfolio integrity.
Are you planning on undertaking a SFT or alternatively a large scale asset transition? Contact us to discuss how we can tailor our approach to your specific needs.
