Anglican Super’s long wait to move out from under the AMP Limited corporate superannuation regime is over, with the fund transitioning to Mercer last week.
Super Review has had it confirmed that AMP had transitioned 3,800 members and $234 million to the Mercer arrangements this week.
However, it is understood that 585 Anglican Super members have remained under AMP Limited management over “equivalency” issues.
Anglican Super made the decision to part company with AMP Limited in late 2018 amid the controversy surrounding the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
In early April Anglican Super went public in expressing its displeasure at the amount of time which was being taken to complete the successor fund transfer to Mercer.
Responding to those criticisms, AMP cited the market volatility generated by the COVID-19 pandemic and the need to protect the interests of members of the fund.
An AMP spokesman today said equivalency tests were a legally required process of any successor fund transfer to ensure members best interests are protected.
"In this instance 585 members were deemed to incur higher costs under arrangements with the new provider. The trustee therefore determined it was not in these members interests to transition."