POWERED BY MOMENTUM MEDIA
Equip merger sees members get big savings
Equip has announced that the fund’s recent merger with the former Rio Tinto Staff Superannuation Fund will see its 70,000+ members receive total fee and insurance premium reductions of more than $12 million in fiscal 2019, showing that mergers do indeed often result in member benefits.
Equip’s chief executive, Nicholas Vamvakas, pointed to the merger as a key reason for the reduction.
“The homework we and the trustees of the Rio Tinto fund did ahead of the merger identified that we would achieve substantial savings that would benefit the members of both funds,” he said.
“I am pleased to say that the reductions occurring from 1 July are absolutely aligned with the analysis. Fee reductions passed onto members next year will amount to around $9 million, while insurance premium reductions will be around $3 million.”
Vamvakas said that more mergers could be on the cards for the fund.
“We still believe in the benefits of scale and we are continuing to explore opportunities for more mergers and additional corporate superannuation plans. We expect these will be by far the biggest contributors to our growth in the foreseeable future.”
He also said the consolidation of member accounts into a single database by Mercer enabled a flow-on of member benefits, such as giving access to Equip’s NextGen website and app to former Rio Tinto Fund members.
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(%)
