Members of the superannuation funds tied up in the collapse of Trio Capital will be transferred to AMP’s AMP SignatureSuper as part of successor fund arrangements
The AMP product was selected by the acting trustee for Trio, ACT Super Management, and will cover members of the Astarra Superannuation Plan, Astarra Personal Pension Plan and My Retirement Plan, including the Seagrims retirement Plan, TIC Super and Titanium Retirement Fund.
The funds are estimated to have around $200 million in unimpaired assets.
Under the arrangement, announced on Monday, each member’s initial account will be transferred to AMP SignatureSuper in tranches and invested in an investment profile comparable with the pre-existing investment, with the resultant fund to be known as the Alliance Superannuation Fund.
ACT Super was appointed as the acting trustee of the Trio superannuation funds in December last year, when the company went into liquidation.
Commenting on the move, AMP product manufacturing director Paul Sainsbury (pictured) said the aim was to make the transition process straight forward while ensuring members could access their accounts as soon as possible following the transfer of assets and appropriate reconciliation.
