Merger Update December 2014
The process of transferring members from Chifley Super to Sunsuper is well underway. Sunsuper accumulation accounts were opened on 1 January 2014 and will be available to receive contributions. If you had insurance cover with Chifley Super it was transferred to Sunsuper on 1 January.
During the transfer process an opportunity has arisen to increase Chifley Super members' account balances by enabling Sunsuper to recognise the value of tax assets in the underlying investment of Chifley Super at no cost or risk to members. To achieve this, Chifley Super needed to make a special application to the Australian Prudential Regulation Authority (APRA). APRAs approval has been delayed and is now expected in the first quarter of 2014.
As a consequence the transfer of your Chifley Super balance into your Sunsuper account has been delayed. You will receive a letter from Chifley around the end of December 2013 informing you of the delay in more detail.
What does this mean for members?
This means that for a short time accumulation members will have two super accounts, one with Chifley Super and one with Sunsuper. From 1 January 2014 Chifley will not be able to receive any contributions for members so please make sure your contributions are directed into your Sunsuper account.
This means that for Chifley pension members a Sunsuper pension account will not be open until the balance transfer is complete. Chifley Super will also continue to pay your pension payments and act on all existing (and new) instructions until the balance transfer is complete.