The Northern Territory government has announced that Statewide Superannuation will become the next default government super fund.
In a statement, the NT government announced that following a competitive process it has appointed Statewide Superannuation as the next default superannuation fund for new government employees.
“Effective 10 February 2019, if a new government employee doesn’t specify where they want their superannuation to be paid, they will become a member of Statewide. This arrangement will be in place for the next three years, with a possible extension for a further two years.”
Separately, the Superannuation Trustee Board, trustee of the fund within the Northern Territory Government and Public Authorities’ Superannuation Scheme (NTGPASS), has selected Statewide to receive the transfer of NTGPASS accumulation accounts (members’ savings and earnings). The transfer is expected to occur mid-2019.
“Statewide was selected from a pool of high calibre superannuation funds following a competitive process,” the NT department of treasury and finance noted.
“Key to Statewide’s selection was a history of providing consistently strong investment returns for members and a willingness to double territory-based staff to four employees to service members directly. Two of these staff will be associate financial planners, offering members access to free financial advice.”
Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston congratulated Statewide Super on the news, telling Investor Daily that the industry fund has been a positive addition to the portfolios of its member clients.
“Members have reported that they are receiving positive client feedback for offering quality industry funds as an option for consideration,” he said.
“They have proven to be a winner out of the royal commission and it’s about time advisers put aside the past media battles and have a close look at what they can offer.”
Statewide is a South Australian-based industry superannuation fund with a member centre in Adelaide and two staff currently located in the Northern Territory.
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