ANZ locks in super sale timetable
ANZ has confirmed to advisers the time-table for the transfer of its superannuation business to IOOF, including seeking to communicate with super fund members during the problematic Christmas/New Year period.
The ANZ confirmation documentation has come despite suggestions that the transaction had been placed in doubt because of matters raised in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The documentation provided to advisers and obtained by Money Management confirms that that the sale transaction should be complete by 29 March, next year, with the successor fund transfer due for completion in Mid-February.
The ANZ communications tells advisers that customers will begin being informed of the successor fund transfer arrangements in the middle of December with the communications process being completed by the middle of January.
It said the communication would include information on the transfer to the Retirement Portfolio Service superannuation fund and the change of ownership to IOOF and Zurich.
“For questions about the SFT and sale process we will direct customers to contact us on a dedicated phone line and email address,” the ANZ communication said. “Where customers have questions about their super, pension and/or insurance in relation to their individual circumstances we ask them to contact their financial planner.”
“We recognise the challenges in communicating to customers over the holiday period, however we are legally obligated to give affected customers at least 30 days' notice ahead of the SFT. We appreciate your support and assistance during this period,” it said.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
