Plum continues to build a super future

24 June 2009

In its twelfth year of operation, corporate superannuation provider Plum Financial Services Limited (Plum) has won tenders to administer the superannuation arrangements of two new clients with combined assets of approximately $340 million and almost 3,000 members.

From 1 July 2009, Plum will manage superannuation assets on behalf of iconic Victorian organisation Royal Automobile Club of Victoria (RACV) Limited, and Merck Sharp & Dohme (Australia) (MSD) Pty Limited, one of the country’s largest prescription pharmaceutical manufacturers.

Plum Managing Director Scott Hartley is delighted that RACV and MSD have given Plum the responsibility of managing their employees’ superannuation benefits.

"We look forward to building an enduring relationship with both organisations."

"At Plum, we’re committed to delivering a market-leading service to our employers and members. We strive to enthuse our members to take control of their financial future by providing information and tools to improve their knowledge and understanding of superannuation,” Mr Hartley commented.

With the recent unprecedented volatility and movement in the share market, investment education becomes extremely important.  While some superannuation funds have reported significant numbers of members switching, Plum’s cash option holdings have increased by less than 3 per cent during the past 12 months (to May 2009).

"Although we received greater numbers of enquiries about switching, the vast majority of members have maintained their investment strategy.  In fact, Plum’s 3 per cent increase in cash holdings reflects a moderate change from the previous year, where the increase of total assets invested in cash options was at 1.1 per cent."

"At Plum, we believe that if your objectives, financial situation and needs haven’t changed, you probably don’t need to change your investment strategy.  However, providing members with education and tools to assist them to understand this concept is crucial," said Mr Hartley.

Plum has a dedicated online investment information site in place which complements the communications and education program delivered through the workplaces of Plum’s clients. 

Plum has also enhanced its public website, giving everyone access to our new section - Investor market watch.

Investor market watch is updated regularly and features:

• Detailed S&P indices
• All Ordinaries Index – updated real time
• Some common superannuation/investment Q and As
• Investment related articles
• Online video presentations

"We’re confident that Plum’s education and tools will continue to empower members, including RACV and MSD employees, to better understand their super in the current economic environment," said Mr Hartley.

About Plum

Plum Financial Services Limited (Plum) provides integrated and innovative superannuation solutions to medium and large Australian organisations.

Plum has offices in Melbourne, Sydney and Brisbane and is a subsidiary of MLC Limited, one of the National Australia Group of companies. Plum also has a strategic alliance with the US-based Vanguard Group Inc. This relationship brings to Plum the knowledge and skills of the world's second largest mutual fund manager.

Plum was purpose-built for the era of member investment choice and from our beginnings we have challenged traditional ways of thinking about superannuation. Plum’s vision is about providing members with a meaningful education experience to help build their knowledge and understanding of superannuation so that they are empowered to manage their financial future.

Further information

For more information on Plum, photos or an interview with our Managing Director, Scott Hartley, please contact:

Georgina Slade – Corporate Marketing Manager
Work: 03 9222 4640
Mobile: 0438 565 774
georgina.slade@plum.com.au

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