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FirstState goes public offer
Large NSW public sector fund FirstStateSuper formally went public this month following the enactment of state legislation moving it to Commonwealth jurisdiction under the Superannuation Industry (Supervision) Act and the receipt of a Registrable Superannuation Entity (RSE) licence.
The move, which is aimed at maintaining and growing the fund’s membership, was first flagged last year, and FirstState chief executive officer made clear that it was directly aimed at coping with the new choice of superannuation fund environment.
Dwyer told Super Review that while the legislative change meant virtually anyone could apply for membership of FirstState, the fund would be primarily concentrating on former members who had left the NSW public service and the families of existing members.
The enabling legislation for the change was introduced to the NSW Parliament in November last year, with the key step in terms of FirstState’s public offer ambitions being the receipt of its RSE licence. Dwyer said that while FirstState would not be initially marketing itself broadly to the general public, it would not be turning people away.
AUTHOR
Mike Taylor
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