Some members are excited for retirement, while others approach it with a “real sense of shame and fear”. Funds are going to have to figure out how to cater to both groups or risk failing them all.
If there’s one lesson for investors from the past five years, it’s that chopping and changing their strategy – even in the face of massive market turmoil – doesn’t always pay.
Lambert leaves NSW’s Local Govt fund
Peter Lambert, the chief executive of NSW’s Local Government Super (LGSS Pty Ltd), has left the fund after a period of extended leave. A search is on for a replacement.
Lambert joined the fund in 2007 and led it through a topsy-turvy time, which included amalgamating Local Government Super with Energy Industries Super, and also dealing with the former FuturePlus Financial Services – originally owned by LGSS Pty Limited and EISS Pty Limited until late 2010. That was a marriage made in hell. Link Group bought FuturePlus in 2012.
Lambert was unavailable for comment last week. It is understood he is considering a number of alternative employment options. His stint at LGEISS should stand him in good stead.
Notwithstanding the volatile nature of the fund’s board, LGEISS has provided above-average performance to members for the past 10 years, according to numbers provided by SuperRatings.
The board has appointed Donna Heffernan as Acting CEO until a permanent replacement for Lambert is recruited.
The fund’s asset consultant is JANA Investment Advisers and administrator is AAS (Link Group).
