Print Super to hit $1 billion before Xmas

Faster than expected growth of Print Super means that it will reach the billion dollar benchmark earlier than expected. A strong inflow of contributions, new members, and a good investment return will help the fund to beat its June 2005 target by six months,

With more than 68,000 members and 3,500 participating employers, the not-for-profit fund hit a high return of 19 percent on its Challenge Plus fund last year while at the other end of the scale its low risk cash fund at 5.8 per cent return was the best in the country. Overall Print Super was ranked 6th out of 39 major superannuation funds.

It is now seeking to win members and other super funds to its new ‘My Choice’ public offer fund. With a deadline of 2006 for super funds to be licensed, Ross Martin, ceo of Print Super expects many smaller funds will not “go that route. They have to physically become licensed, which takes time and effort. Some employers with their own funds will also have to become licensed and many will not want that complexity.,” he said.

‘My Choice’ has an initial target of $250 million with the first year, but as Martin points out, that may be achieved in one hit if a fund of sufficient size joins up.

The launch of ‘My Choice’ was delayed due to the federal election as certain benefits, notably the co-contribution scheme for lower income members (where the federal government will match every after tax $1 contribution with $1.50) would have been abolished under a Labor government.

“It was really to do with the printing of the offer documents. We didn’t want to be left with piles of brochures if the government changed,” explained Martin.

With the launch of ‘My Choice’ the industry-based Print Super Trustee board will operate as an Approved Trustee, able to provide super funds for all employer groups and their employees as well as individual members, regardless of the industry they work in. The change will have no impact on the way the board is elected. Four elected representatives each draw from both the AMWU-Printing Division and the Printing Industry Association of Australia will continue.