The scheme’s Annual Report for the year to 31 March 2016 is out now.
The Annual Report shows the financial position of the scheme at 31 March and how well the investments have performed during the financial year.
It also reports on how the Trustees have decided to transition the scheme from the old Superannuation Schemes Act 1989 to the new Financial Markets Conduct Act 2013. This new act is much stricter than before and the IRIS Super Scheme must be fully compliant with it before 1st December 2016.
The Annual Report states that the Trustees have taken “all practicable steps” to identify options and evaluate what outcome is in the best interests of the scheme’s members (including taking full independent legal advice and surveying members). And that they are obliged to preserve the core reason members originally joined the scheme (being saving for retirement) when making their decision.
The Annual Report states that the Trustees have decided to transfer the IRIS Super Scheme (that is currently administered by Aon Hewitt and with investment funds managed by ANZ) to the SuperLife Master Trust (who will take care of both administration and investment management going forward).
The Financial Markets Authority controls how this transfer is done and they make sure that the terms and conditions for current IRIS members are the same or better - “no less favourable” is the phrase they use.
The Annual Report goes on to say that most of the changes to the scheme will be “behind the scenes” and the overall effect of the transfer will be “to ensure the seamless continuity of all the superannuation benefits you currently enjoy”.
For a copy of the report please email: firstname.lastname@example.org