More than 5,300 Australians can expect to start seeing their share of over $54 million in compensation payments beginning today. Money will be progressively credited to member's superannuation accounts over the next two weeks.
"This is a good outcome for the 5,358 people in APRA regulated funds who were defrauded of their superannuation in the collapse of Trio," Minister Shorten said.
"I want to thank the Member for Thorsby and the Member for Cunningham who both made strong representations on behalf of their many constituents who were robbed of their savings by Trio. I also want to thank APRA for their hard work. The Government is reviewing future compensation arrangements," Minister Shorten said.
The Government has granted over $54 million in financial assistance to benefit the members of four Australian Prudential Regulation Authority (APRA) regulated superannuation funds that were formally under the trusteeship of Trio. The assistance, granted under Part 23 of the Superannuation Industry (Supervision) Act 1993, is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.
"The time it has taken to finalise payment to members reflects the inherent complexities of the Trio case, including the need to re-calculate member balances to replace the fictitious Trio returns with an alternative unit price based on a fair and reasonable return," Mr Shorten said.
Superannuation fund members can obtain further information relating to the payment process on Trio's website [www.triocapital.com.au] or by calling the following numbers:
- Astarra Superannuation Plan and Personal Pension Plan – 1800 064 694
- Astarra Superannuation Service – 1300 616 898
- My Retirement Plan – 1300 367 111
- Seagrims Retirement Plan – 1300 233 151
- AMP can be contacted on 1300 506 445
Investigations into Trio by the Australian Securities and Investments Commission (ASIC) and APRA are continuing and the Parliamentary Joint Committee on Corporations and Financial Services is conducting an inquiry into Trio and any other related matters.