ANZ locks in super sale timetable

ANZ has confirmed to advisers the timetable for the transfer of its superannuation business to IOOF, including seeking to communicate with super fund members during the problematic Christmas/New Year period.

The ANZ confirmation documentation has come despite suggestions that the transaction had been placed in doubt because of matters raised in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The documentation provided to advisers and obtained by Money Management confirms that that the sale transaction should be complete by 29 March, next year, with the successor fund transfer due for completion in Mid-February.

The ANZ communications tells advisers that customers will begin being informed of the successor fund transfer arrangements in the middle of December with the communications process being completed by the middle of January.

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It said the communication would include information on the transfer to the Retirement Portfolio Service superannuation fund and the change of ownership to IOOF and Zurich.

“For questions about the SFT and sale process we will direct customers to contact us on a dedicated phone line and email address,” the ANZ communication said. “Where customers have questions about their super, pension and/or insurance in relation to their individual circumstances we ask them to contact their financial planner.”

“We recognise the challenges in communicating to customers over the holiday period, however we are legally obligated to give affected customers at least 30 days' notice ahead of the SFT. We appreciate your support and assistance during this period,” it said.