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Agest Super defers merger with AustralianSuper
AGEST Super has deferred its merger with AustralianSuper until December to allow for capital gains tax legislation to be passed and relief granted.
AGEST marketing and communications manager Sue Voglis said the transfer would be much cleaner with the deferment. She said transferring at the end of the year would allow members to be directed into AustralianSuper's mapped investment options.
Voglis said holding out until December would allow the transfer of administration for the merged funds to occur at the same time.
Administration for the merged funds will transfer to SuperPartners on 1 January, she said.
AustralianSuper will build on AGEST's position as a fund of choice for public sector employees and past-employees, developing a new Public Sector division and continuing the full range of member services offered by AGEST.
The fund will also expand member services in Canberra and Darwin, and introduce daily switching and a competitive pension fee as a result of the merger.
AGEST chief executive officer Cathy Bowtell said the merger was expected to produce $13 million per annum in savings, which would be deposited in members' accounts. However in April she said that every month the merger was delayed meant $1 million in lost savings.
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