POWERED BY MOMENTUM MEDIA
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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
