Equip has secured the $190 million superannuation benefits for more than 1,100 employees of air service provider, dnata.
Based in Dubai, dnata purchased Qantas’ catering business last year, with the benefits and members transferring into Equip coming from the Qantas super fund.
Nicolas Vamvakas, CEO of Equip, said over the coming year the firm is delivering reduced fees and insurance premiums to members as a result of its 2017 merger with Rio Tinto.
“The banking royal commission has increased the number of discussions in corporate superannuation and we are anticipating a significant amount of movement in the sector over the next twelve months,” he said.
“Equip will be an active competitor for business that it believes will benefit its members by keeping costs as low as possible while extending the fund’s capabilities and services to support retirement outcomes.”
Mr Vamvakas added that dnata’s superannuation plan included a mix of defined benefit and accumulation benefits, ideally suited to Equip’s capabilities.
“Winning the trust and confidence of dnata and its employees so soon after completing the merger with the Rio Tinto staff fund is great recognition of our capacity to maintain ‘Top 10’ investment performance while transitioning members smoothly into our fund,” he said.
“We look forward to working closely with dnata and Qantas Super to achieve a smooth transfer of the members into Equip.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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