The superannuation industry has been busy this year with successor fund transfer (SFT) activity in the wake of the final report from the Financial Services Royal Commission and an industry-wide focus on delivering better outcomes for members.
Earlier this year DMAW Lawyers acted as legal advisers for Statewide Super in respect of the transfer of all accumulation accounts to Statewide Super from the NTGPASS, and for Tidswell Financial Services Ltd in respect of the transfer of all members and assets from its Executive Choice Plan to HUB24 Super Fund.
According to Tasha Naige, Senior Associate, “Each transaction will have its own quirks and hurdles to deal with along the way. But in the end, there is a lot of goodwill between the funds in getting the transaction across the line, as they recognise it is in members’ best interests to do so.”
No doubt SFT activity will continue across the superannuation industry throughout 2020.
This article provides general comments only. It does not purport to be legal advice. Before acting on the basis of any material contained in this article, we recommend that you seek professional advice.
Tasha Naige, Senior Associate in our Business Transactions Team
Direct Telephone: +61 8 8210 2244
Daniel Jenkinson, Principal of our Business Transactions Team
Direct Telephone: +61 8 8210 2265