find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Super-size me: fund merger to take place

Super-size me: fund merger to take place

Holding Redlich and Deacons Lawyers are advising on one of the largest mergers of industry superannuation funds in Australia, creating an organisation with assets worth $20 billion and more…

Holding Redlich and Deacons Lawyers are advising on one of the largest mergers of industry superannuation funds in Australia, creating an organisation with assets worth $20 billion and more than one million members.

Heather Gray is leading Holding Redlich’s team for the Australian Retirement Fund (ARF) and Scott Charaneka is leading Deacons’ team for the Superannuation Trust of Australia (STA) on the transaction that will see the two become AustralianSuper.

Gray said the merger was due to complete immediately before midnight on 30 June and was being effected by way of a successor fund transfer, which enables members to be transferred from one fund to another without their consent being required if the fund they are being transferred to provides rights and benefits equivalent to those of the existing fund.

This was a preferable option to giving notice and providing disclosure to more than one million members, the logistics of which would have required a large amount of administrative work on the part of the funds.

Gray said superannuation lawyers in Australia were seeing a lot of successor fund transfer work as a result of changes to APRA’s licensing rules, effective on 1 July, which require all superannuation fund trustees to have a licence.

“A lot of funds have decided that is not an appropriate step to take,” she said, “so over the last year we have seen a lot of funds merge and transfer into other arrangements.”

She said the merger of the ARF and STA was by far the largest. “One interesting aspect has been that to some extent we are dealing with a moving target.

“Each fund has continued to admit new employers and members and each one has continued to take in other funds on a successor fund transfer basis. One important responsibility is to give advice to the board of the trustee confirming the transfer can go ahead because they do have equivalent rights in respect of the benefits.

”We have also been looking at all of ARF’s agreements with service providers and third parties, and arranging for these to be novated in favour of STA and amended as required.”

At the same time as the merger, and the additional successor fund transfers, STA, which will be continuing the fund, has been in the process of obtaining its licence from APRA, and therefore having to look at all its operations to ensure it complies with the licensing requirements.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Super-size me: fund merger to take place
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Jetski
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Consultation
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...