Legalsuper began in 2005 with the merger of the NSW Law Industry Superannuation Trust (LIST) and the Victorian Legal Industry Superannuation Scheme (LISS), both launched in 1989. In 2007, the NSW Barristers` Superannuation Fund merged with legalsuper, bringing funds under management to over $860 million and membership to over 36,000. With the 2007 merger, legalsuper covered about 35% of the Australian legal sector. [1] In 2009, two other funds merged to form legalsuper: the Blake Dawson Partners Superannuation Fund and the Victorian Barristers Superannuation Fund. [2] Of the 123 funds that provided member data, legalsuper ranks 55th among the largest with 41,690 members. Below are legalsuper`s contact details, including website, email and physical address, as well as social media accounts, if available. LegalSuper was founded in 1989 and is tailored to the retirement needs of lawyers. This profile is factual information and does not constitute an advertisement or recommendation for legalsuper. Ask your new employer to deposit your Super into your EISS Super account. Please fill out this form.
Legalsuper is an Australian pension fund dedicated to the legal community. It is the only pension fund for the Australian legal profession. The default MySuper account is called MySuper Balanced Option. Sometimes it`s better together. It`s easier than ever to find and consolidate your details: Position (super): Locked Bag 5081, Parramatta NSW 2124 Post (pension): Locked Bag 5042, Parramatta NSW 2124 legalSuper has 13 investment options, 1 approved MySuper product and 49% of its total assets are invested in a standard or MySuper strategy. Learn more about converting your retirement savings into a flexible income that fits your retirement lifestyle Below are the administrative details of legalsuper, including whether or not the super fund is available to the general public (public offering) and how legalsuper is structured. They can also learn how their expense ratio compares to other superfunds, as well as gender balance and compensation for their board members. This is a legalsuper SuperGuide profile, including fund performance, member demographics, value of assets under management, contact information, and management details (such as ABN and USI).
The trustee of legalsuper is Legal Super Pty Ltd. A team of employees is located in Victoria, New South Wales, Queensland and Western Australia. Phone (super): 1800 060 312 Phone (international): +61 3 9633 8000 You can legally call Australia Standard Time (AEST) Monday to Friday between 8:00 am and 8:00 pm. “It`s hard not to notice this incredible fixation in our industry that you have to be big to be here in the future,” says Andrew Proebstl, CEO of legalsuper. “We`ve watched and heard all of this feedback, but we believe that as a smaller fund we can offer an alternative.” Legalsuper`s MUF has a volume of approximately $5 billion and 40,000 members. The entire legal industry has approximately 140,000 members, giving legalsuper “considerable room for growth in its target market.” But Proebstl says the scale isn`t just a “numerical thing that says you have to be above APRA`s magic number.” He believes it`s more about the results you get for those members and that the fund is exactly the size it needs to achieve its goals. “We don`t try to be everything to everyone, like a super Australian. We just want to be a fantastic fund for members of the legal community. And legalsuper can now take advantage of more attractive investment opportunities that are either prohibited due to capacity constraints for large funds or abandoned in favor of insourcing.
While many large funds internalize their investment capacity, third-party fund managers are seeing a slight change,” Proebstl said. Their link with these large funds changes, sometimes it decreases. Small funds like us are becoming increasingly important and relevant for a fund manager who wants to have a diverse client base. In 2021, alongside Hostplus, she invested in Artesian`s Female Leaders VC Fund (Statewide Super recently made a similar investment through Apostle Funds Management) due to its investment offering and importance to members: around 75% of legalsuper members are women. Prior to the Your Future Your Super test, Legalsuper performed strongly in the face of the recent wave of volatility. You can never be complacent about the test – you`re only as good as your last bet – but while Proebstl worries that funds will resort to benchmark hugs to succeed, he believes “it was already there in some way before the performance test.” If you invested differently from the peer group, you may underperform or outperform the peer group. The benchmark has been formalized by the regulator. “A few years ago, the minute a fund announced it was merging, there were people everywhere,” says Proebstl. “But I think they`re more cautious and cautious now.” Proebstl says every organization is frustrated by the lack of resources — a dynamic that is reinforced when that organization is smaller than its peers — but believes legalsuper`s small size makes it more commercial and “gives it more discipline in how it works and spends money.” Legalsuper`s engagement with its membership base – and the engagement of that base with it – “tends to be higher.” They generally have more financial knowledge and earn higher incomes and expect from their funds the same level of commitment they would give to their own clients.
During recent changes to insurance regulation for young members with weak balance sheets, legalsuper negotiated with its insurer that its members have a unique opportunity to maintain their coverage; More than 50% chose to keep it. From what Proebstl heard, this was the “highest level of active decision-making around this change.” Proebstl continues to meet personally with some members and wonders if the size of the fund is a real driver of member satisfaction or if it is due to the daily experiences they have with their fund. I think quality is what surfaces,” says Proebstl. “And that manifests itself in different ways in a number of organizations of different sizes, and how you do that in the future will be more important.” Large funds, small funds, medium funds all struggle with change and people`s problems and the need to become. There was a time when it was believed that the pension was like a cottage industry, and there is no way we could have it now. “As an industrial super fund, legalsuper is managed exclusively for the benefit of its members. The fund does not pay commissions to Sales Assistants and no dividends are paid to shareholders. The average balance of a super legal account is $118,000. You can combine great online accounts – simple and direct.
