In December 2018, the Trustee determined that member interests would be better served by transitioning the Plan to Sunsuper, a large ”profit for members” superannuation fund, rather than continuing the Plan.
The transfer will be completed under a successor fund transfer (SFT). An SFT can only occur if strict legal requirements are met. Most importantly, Sunsuper, as the successor fund, must provide members with equivalent (although not identical) rights in respect of their benefits to those which they had under the Plan.
The transfer was originally scheduled for early November 2019 but has been deferred.
The reasons for the transfer have not changed and it is expected to proceed. The Trustee is liaising with IAG, NRMA and the Sunsuper trustee, to agree the new transfer date. Once the new transfer date is determined, members will be notified.
The following documents have been released to members: