TOWER to amalgamate its superannuation funds
TOWER Australia today announced it will amalgamate eight of their superannuation funds into one superannuation fund.
This move is a part of TOWER Australia's ongoing simplification initiatives.
The newly amalgamated superannuation funds will be called 'TOWER Master Fund'.
The current superannuation funds TOWER offers are:
- TOWER Superannuation Fund
- TOWER Employer Sponsored Superannuation Fund
- SOLAR Personal Superannuation Fund
- PrefSure Personal Superannuation Fund
- Partner Superannuation Fund
- TOWER Superannuation Fund for the General Public
- BMA Personal Superannuation Fund
- TOWER Master Fund.
The superannuation funds transfer will be implemented in two phases:
Phase 1 - On 30 June 2010, all members of these superannuation funds, with the exception of the TOWER Superannuation Fund for the General Public, will be transferred to the TOWER Master Fund. Members will be notified of the change in mid-May 2010.
Phase 2 - On 30 September 2010, the members of the TOWER Superannuation Fund for the General Public will be transferred to the TOWER Master Fund. Members will be notified of the change in mid August 2010.
TOWER Australia has stated that clients' policy number, fees, investment benefits, sum insured amounts, rights or entitlements will not change as a result of this superannuation amalgamation.
The reporting period for clients who currently receive a 30 June annual statement will change to 30 September as the TOWER Master Fund reports as at 30 September annually.
Source: TOWER Australia, Lumina, April 2010
May 2010