A Successor Fund Transfer is the direct transfer of members (and their respective assets) to an alternate super fund (the successor fund), on the basis that the member will have “equivalent rights”, which ensures that the benefits and rights of members being transferred to a successor fund are at least equivalent to those they had in the original fund.
The transfer is completed by the trustees of the original fund and the successor fund on behalf of the members. Both trustees are required by legislation to ensure that the transfer is in the best interests of members and that the members’ rights in the receiving fund are reasonably equivalent.
The trustees are also required to consider whether this transfer will be in your best financial interests. For this SFT the trustee of both funds is Equity Trustee Superannuation Limited (ETSL/the trustee). This involved looking at what member services and product features are offered now and making every effort to match it up with a similar or better offering.
The trustee is satisfied that the transfer to Smart Future Trust will provide equivalent rights in respect of the transferred benefits and that the transfer is in the best financial interests of the transferring members.
