News : Super
|(Below is a response from Tony Middleton after receiving an email from Brian Ellis about outstanding super payments.)|
|Your email as passed to me by the NSP Buck service centre. I understand and share your concerns and respond as follows:
We have a newsletter set to roll out next week which I hope covers the major issues which relate to you and other members.
-Appeal - Advice (from 4 sets of lawyers INCLUDING those representing the staff who have been retrenched) that the first judgement is legally flawed. The SIS regulations and the Trust Deed oblige the Trustee to attempt a final recovery. APRA endorses the action although I can assure you that the Board looked for every way to avoid it and continues to attempt to find an alternative solution.
The $150 m shortfall covers the incremental redundancy amount (nominally a further 10%) as well as the reduction in the value of the investments.
The law determines the action by the Trustee to protect the entitlements of ALL classes of members. A members' vote would need to be unanimous for it to be influenced.
The court action arises initially because normally the employer would guarantee any shortfall of a Defined Benefit fund - Ansett's insolvency has precluded this and the only way the Trustee can payout members' Redundancy benefits is to sue the Administrator as the employer.
While there are legal and other costs associated with the ongoing management of the Plan the potential benefit to members (the $150m) of a successful court action far outstrips the costs of the recovery attempt.-Release of available Funds
- Starting June as soon as you instruct us where to transfer your balance - form is in the newsletter. - Members Statements at 30 Jun 2002 almost complete and ready for Legal & Audit clearance then production and distribution next month.
The problems which were caused by Ansett's demise had a massive impact on the administration of the super fund and have caused the delay in release of statements.
Director - Ansett Ground Staff Super