March 21, 2019
March 21, 2019 | Superannuation News
Our New Trustee Arrangement with Equity Trustees
Effective 21 March 2019, ownership of Zurich Australian Superannuation Pty Limited (Zurich Super Trustee) transferred to EQT Holdings Limited ABN 22 607 797 615 (Equity Trustees) and the Zurich Super Trustee is now part of the Equity Trustees Group.
Why we made this change
Zurich has for many decades had the privilege of providing superannuation products for many Australians. We have done this by providing investment and insurance products along with administration and taxation management services for the superannuation fund holding member’s benefits, the Zurich Master Superannuation Fund (the Fund).
The Fund and Zurich’s activities have been overseen by the Zurich Super Trustee, which prior to 21 March 2019 was part of the Zurich Financial Services Australia group of companies and operates under licenses issued by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
Zurich has been monitoring recent government reviews of superannuation and financial services which continue to scrutinise conflicts of interest in the financial services sector.
The Zurich Super Trustee board of directors operated independently of the Zurich group and always ensured member’s best interests were promoted over those of Zurich. However to provide members with further confidence, we believed that the strongest way to demonstrate our conviction was to separate responsibility for the Fund’s governance from the Zurich group, and for the trusteeship to be performed by an independent external trustee. This is why from 21 March 2019, the Fund’s trustee, Zurich Super Trustee, became part of Equity Trustees.
Who is Equity Trustees?
Equity Trustees is a specialist independent professional trustee business providing trustee services to private clients, corporations, funds managers and superannuation funds.
Equity Trustees was established in 1888 and has just celebrated its 130th anniversary. It is a publicly listed company on the Australian Securities Exchange (ASX: EQT) and has been providing superannuation trustee services since 2006.
Equity Trustees, through its existing Registrable Superannuation Entity (RSE) licensee, Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL 229757, RSE license L0001458, (ETSL) currently provides trustee services for more than 20 different superannuation fund arrangements providing benefits for over 220,000 Australians.
Later this year, we expect that Equity Trustees will replace Zurich Super Trustee with ETSL, to avoid the need to operate two superannuation trustee companies. We will confirm details of the change in the next Annual Fund Report.