In my last update I announced the future direction of our Fund, in particular, the exciting new look and re-brand to Coal LSL. Today I would like to detail how we are moving towards a more efficient, portable LSL Fund, that delivers value and benefits to our industry.
Optimised Business Model
In February 2017 we shared Coal LSL's commitment to:
- the implementation of an optimised business model;
- investment in solutions to enable an improved service delivery; and
- enhanced interactions with you, our clients and stakeholders.
I am pleased to advise these objectives will be delivered through newly insourced business operations, effective from 1 July 2017.
This is a significant shift from our traditional approach, so I wanted to provide some context as to why we have made this change.
Established in 1992, our Fund was of a small size. Operational and client needs were able to be delivered successfully through an operating model comprised of outsourced service providers. Fast forward to today, the industry we serve is more complex and operating in an ever-changing environment. To keep pace with the needs and expectations of our clients, we have needed to adapt.
Financially strong, with funds under management now over $1.5B, internal resourcing is now a viable and sustainable operating model. We are confident this decision will allow us to invest more in technology solutions and service oriented initiatives; delivering on our commitments made to you in our recent strategic plan.
We would not be in such a strong position to make this change without the ongoing support of Mine Wealth + Wellbeing (Mine), our current Fund administration provider. The knowledge and expertise of the Coal LSL team (from within Mine) will transition with the business on 1 July, providing continuity, stability, and a strong foundation for our future.
Our focus extends beyond the transformation of the operations. We remain committed to assisting employers and employees within the industry to understand their obligations and entitlements as defined within our legislation. 2017/18 will see Coal LSL roll out a client education framework, which will include workshops, seminars and online tools; one of many value-add programs to be deployed through our client network.
Employer Reimbursement Rules
Coal LSL is in the process of releasing amended Employer Reimbursement Rules.
After extensive consultation with the Industry working party group, the Board of Coal LSL have approved a set of rules which will provide greater financial benefit to our employer group.
Currently under parliamentary review for approval, the Employer Reimbursement Rules 2017 (2017 rules) will have an effective date of 1 July 2017. The 2017 Rules will revoke the existing Employer Reimbursement Rules 2011.
Under the amended rules, from 1 July, on administrative approval, a reimbursement claim will be fully reimbursed to an employer, removing the financial imposition known as ‘shortfalls’ experienced in some instances by employers under the current rules.
An updated guidance note and information pack will be distributed in the coming weeks to assist employers with this transition to the new rules.
What else is changing?
From today, we will start introducing updated contact details to reflect our Coal LSL brand.
To make communicating with us easier, we are introducing new email addresses for some of our common processes and queries. The first new email address you will see is email@example.com – we will inform you of others as we bring them online.
As part of our commitment to deliver improved technology solutions, Coal LSL has launched stage 1 of our updated website. Displaying our new look and feel, the website is modern, corporate and easier to navigate.