Latest News
Great News for Seagrims Super and Allocated Pension Clients - Government Compensation Confirmed!
The largest compensation package in Australian history will be paid by the Federal Government to help investors who lost money with superannuation fund Trio.
Under the terms of the $55 million bailout package, which were announced today by the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, compensation will be paid to those investors who had invested in Trio Capital through an Australian Prudential Regulation Authority (APRA) regulated mainstream superannuation fund. It is expected that these investors will receive back all of their lost money which includes all fees charged to sort this mess out.
The compensation package falls under Section 23 of the Superannuation Industry (Supervision) Act, which provides financial assistance to certain funds that have suffered loss as a result of fraudulent conduct or theft.
The funds will be recovered by way of a one-off levy on regulated superannuation funds.
ACT Super has issued a Significant Event Notice to that effect. You can download a copy of the full document below.
Unit prices for the superannuation investors are expected to be released in a couple of weeks.
Additional Information
Downloads
