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The Australian Government enacted new superannuation legislation known as Your Future, Your Super in Parliament on June 17, 2021. (YFYS).
With the exception of member stapling which wasn’t implemented until 1 November 2021, the bulk of the changes came into effect on 1 July 2021.
One of the four main goals of the YFYS laws was to hold funds accountable for poor performance and encourage funds to cut expenses and fees to increase Australians’ retirement incomes.
Unfortunately, many smaller funds failed the YFYS performance test in its first year and APRA encouraged these funds to explore mergers in order to enhance their performance, lower costs, and get access to bigger funds economies of scale.
It’s official, Australian Catholic Superannuation and Retirement Fund (ASCRF) and UniSuper will merge.
A Successor Fund Transfer (SFT) document was signed by UniSuper and Australian Catholic Superannuation, advancing the proposed merger that the funds claim is in the best interests of their respective members’.
The signing of a memorandum of understanding and the investigation of a merger had been announced by the funds in December 2021. The SFT deed was signed by the funds on Friday, July 1, after the signing of the Heads of Agreement in May.
According to ASCRF, the UniSuper merger will provide its members access to one of the few Australian funds with more than $100 billion in assets under management.
The funds’ next step will be to go through a thorough planning process, with the merger hopefully being completed by the end of the year.
The loss of the ASCRF entity will be a small relief to those long sufferers in the industry who have for decades attempted to navigate the existence of Australian Catholic Superannuation and the separate and distinct entity Catholic Super (Australia) – you couldn’t make this stuff up.
After some months of courting, Christian Super and Australian Ethical have agreed to merge. The decision comes after Christian Super failed the YFYS performance test in the latter half of 2021, and it was directed to start planning a merger by mid 2022.
Founded in 1984, Christian Super will no longer exist as a result of the merger, and all of its members will be transferred to Australian Ethical no later than the beginning of 2023.
Currently managing $4.4 billion in super funds, Australian Ethical will gain an additional $2 billion with the acquisition. Both funds agree that the merger will increase the fund’s scale, hasten the implementation of fee reductions, and continue their shared focus of ‘purpose driven investments’.
Christian Super’s 30,000 members will take Australian Ethical’s membership to some 90,000 superannuants.
Know your rights.
If you are a member of ASCRF, Christian Super or their successors and need advice about their insurance products, you are entitled to legal representation and Littles can help you.
If you have already lodged an insurance claim and it has been rejected by a superannuation fund or insurer, you may be entitled to have the decision reviewed through an internal resolution procedure.
If your complaint has been upheld, you may be able to litigate in a court or lodge a complaint with the Australian Financial Complaints Authority (AFCA).
There are strict time limits to challenge an insurer’s decision, so it’s important you seek legal advice as soon as possible.
Put simply, Littles are experts in superannuation and insurance law matters.
Our insurance team has helped thousands of consumers claim their entitlements, and our Head of TPD and General Insurance has extensive industry knowledge and insight on how to maximise your prospects of success.
We also speak your language, at sixteen languages and counting. Forget paying for a translator or for a lawyer who doesn’t understand you and your cultural background.
All our superannuation and insurance law matters are conducted on a no win, no fee basis, and we don’t charge you upfront for any disbursements necessary to prosecute your claim.
If you would like superannuation and insurance law advice, reach out to Littles today by using our free Claim Checker.
Littles’ Head of TPD and General Insurance, Rowan McDonald, is an expert in insurance and superannuation law. Rowan has over thirteen years of experience in the industry and has prosecuted thousands of successful insurance claims for consumers.
Having worked in the industry for over a decade, Rowan has an extensive industry contact list and regularly presents to disability support groups, financial industry professionals and multicultural organisations.
Rowan has also advised some of Australia’s top insurers, giving him unrivalled insight into the claim process from all perspectives. Rowan takes a pragmatic and common-sense approach to the advice he provides his clients.
For your free, personal consultation get in touch with Rowan today.