Britannia launches new scheme

The Britannia Superannuation Scheme received ROPS approval last week. Britannia's two existing schemes will be closed to new members.

Britannia chief executive Gavin Dixon said the new scheme would follow the existing model of "smart beta" funds.

The older Britannia schemes had the bulk of their funds managed by IOOF, with a passive approach plus strategic tilting. The older schemes had investments in Australian and global assets. Britannia Superannuation Scheme has half of the Australian exposure invested in New Zealand equities and bonds.

Britannia has brought in Harbour Asset Management, which Dixon said employed a similar method to the approach of the existing funds.  He said the New Zealand exposure should help to offset the volatility that could occur between the Australian and New Zealand dollar.