POWERED BY MOMENTUM MEDIA
(November-2003) Electricity funds plug in to merger talks
Electrical and communications industry super funds, CONNECT and NSW Electrical Superannuation Scheme (NESS), are currently in discussions about a possible merger.
The funds have engaged Mercer as a consultant to investigate the advantages of the move, which would be conducted by a successor fund transfer.
If the merger proceeds, the combined fund would have $500 million in assets, around 40,000 members and 5,400 employers.
CONNECT fund secretary Peter Glynn says: “The timing is right to consider a merger. It is prima facie in the best interests of both funds and the members.”
If the respective boards give the green light, the merger will be implemented over the next six to nine months, in time for the second half of 2004.
AUTHOR
Zilla Efrat
Recommended for you
The super fund is open to the idea of using crypto ETFs to invest in the asset class, but says there are important compliance checks to tick off first.
ASIC has launched civil penalty proceedings in the Federal Court against one of the super trustees wrapped up in the Shield Master Fund failure.
Industry associations have welcomed the Treasurer’s review into the superannuation performance test and called for targeted changes that would enable investment in certain assets with strong long-term performance.
Super funds are strengthening systems and modelling member benefits ahead of payday super.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
