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(May-2002) Ansett close to deciding future
Ansett trustees are a step closer to deciding on their future, having short-listed Superannuation Trust of Australia (STA) and NSP Buck as possible outsourcing options for the failed airline’s five super plans, which together have assets of $841.5 million.
Iain Lang, director of the Ansett Australia Ground Staff Superannuation Fund, says: “Out of the proposals we received, they were the ones that stood out in terms of relating to risk and the ability to add value in our situation.”
He says the two were short-listed because of the depth of their proposals, their willingness to preserve some of the funds’ culture and their preparedness to assist with transition arrangements.
The funds’ boards made the decision collectively after receiving numerous proposals, including from groups like Mercer, BT, SMF Funds, Primary Super Fund and AVSuper.
NSP Buck, the super plans’ existing administrator, has offered a product with a separate trustee board, while STA has also outlined its own competitive offering.
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