AustralianSuper default fund transfer will proceed on 20 February
Members would be well aware, by now, of the disturbing hearings during the Banking Royal Commission where it was revealed AMP, then fund manager of Australia Post’s default superannuation fund since 2012 (APSP), had misled the regulator on 20 occasions, interfered in the drafting of an independent expert report and charged customers fees for services they did not receive.
Following these revelations, your Union wrote to Australia Post CEO Christine Holgate urging her to review the default super fund arrangements for employees who were ineligible to join the APSS fund and had not nominated another fund. A copy of that letter can be viewed by clicking here.
A number of meetings between your Union and Post occurred in the lead up to a thorough review of Post’s default super arrangements. Whilst the review was undertaken, National Secretary Greg Rayner met with the CEO of AMP which resulted in them lowering fees for members while the process was undertaken. The review concluded mid-2019 and AustralianSuper was selected as the new default Superannuation fund provider – since September, new employees who have not exercised choice, have had their super contributions made into the AustralianSuper fund.
Existing members of the AMP default fund (those who commenced employment with Australia Post between 2012 and September 2019, ineligible to join the APSS and have not elected an alternative fund under ‘choice’ legislation) have continued to receive contributions paid into that fund while processes were undertaken in the background to allow the transition over to AustralianSuper.
Earlier this month we reported that this transition was likely to take place in February. This has now been confirmed and the transition of all active members to the new private Australia Post default plan at AustralianSuper will occur on 20 February.
Members are not required to take any further action to enable the transfer to occur.
You would have received notice from AMP regarding the transfer and the transfer will automatically occur on 20 February. You will receive information about your new super plan from AustralianSuper in the coming weeks.
However, if you wish to remain with AMP, you will need to contact them on 1300 768 503 before 31 January.
As always, your Union recommends that you seek independent financial advice about maximising your Superannuation benefits when making decisions about your retirement savings.
Although your Union, including your Officials and local AURs are not qualified to, and cannot, provide financial advice to members, if you require any further information about the transition process or Superannuation ‘choice’ legislation, please contact your State Branch Official for assistance.
