Joining Forces

Maritime workers' super funds are top of the pack. Now moves are afoot to bring both funds closer together

The two MUA Funds (SRF and SERF) are finalising a single administration support area, providing financial advice, legal and member services.

Maritime Financial Services, set up by SERF in 2004 are pooling resources with SRF to jointly service both seafarers and waterside workers, since November. This has leading to substantial economies in cost reductions and enhanced services for both funds and improved services for members.

This working relationship is to be formalised so MFS plans to be an equal shareholding of both SRF and SERF with the new board having both employer and employee representatives of both funds. It is expected to deliver more efficient and streamlined support, pooling resources for investment advice. The board of directors of SERF, SRF super funds, however, otherwise remain separate.

The scheme has been so popular with both waterside workers and seafarers alike. Jointly run national seminars for MUA members approaching retirement, have been enjoying big turnouts - 100 in Melbourne alone

Meanwhile Terry Newson, long term General Manager of the Stevedoring Retirement Fund has left SERF and is now heading up an investment team for a number of industry super funds including SERF and the Seafarers' Retirement Fund (SRF).

"In effect Terry will be full time concentrating on investments, an area that he has shown over a long time his great expertise," said National Secretary Paddy Crumlin. "He will continue to play the same role for SERF and the SRF, attending board meetings of both funds when required. The move is also welcomed by SERF directors.

MUA National Secretary Paddy Crumlin is the chairperson of SRF and on the SERF board of directors. Retired national secretary John Coombs chairs SERF.

The joining of the administrations follows decisions by the membership at the MUA National Conference recommending reductions of duplication in the two industry superannuation funds.