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AUSfund to close

 

It has always been a privilege to look after your super. AUSfund was created over 33 years ago to provide a low-fee no-frills holding fund for dormant superannuation accounts transferred from other super funds until they can be reunited with their owners.

Since our inception, we’ve helped millions of Australians to find and claim their dormant accounts and automatically reunited more than a million members with their unclaimed super via our partner funds, while also providing members with market-linked investment returns and our simple low fee structure while members remained in the fund.

However, in recent years the federal government has assumed responsibility for consolidating dormant super accounts through the Australian Tax Office (ATO) and has now passed laws requiring funds like AUSfund to close.

What this means for AUSfund members

As AUSfund is closing, the Trustee must find a new entity to look after your superannuation. The trustee has two choices – we can send your account to the ATO or to another super fund.

We have undertaken a comprehensive review of the options available and have determined that a combined approach is in the best interest of members.

If your balance is under $6,000

Your account will be closed and transferred to the ATO in early May 2021 for inclusion in the ATO account consolidation program.

If your balance is over $6,000

Your account will be closed and transferred to the Hostplus superannuation fund on 21 May 2021.

AUSfund recognises that many higher balance members have actively chosen to remain in AUSfund and it is more appropriate to transfer these accounts to a successor fund where they will continue to earn market-linked investment returns.

Hostplus was chosen as the fund to receive AUSfund accounts because they consistently deliver superior net investment returns to members, and they are aligned with and committed to the industry super ethos of only benefitting members.

Affected members have been sent a Significant Event Notice outlining the details of the transfer.

Can I opt out of the transfer?

Members wishing to claim their super from AUSfund before either transfer will need to finalise their claim by the end of April or reinitiate their claim with the receiving entity after the transfer. We will send an exit statement to your postal address when the transfer has been made.