The Federal Government has announced that the 5,300 Australians that were affected by the collapse of Trio will start to be paid out over $54 million in compensation payments beginning this week.

 

“This is a good outcome for the 5,358 people in APRA regulated funds who were defrauded of their superannuation in the collapse of Trio,” Federal Minister for Financial Services and Superannuation Bill Shorten said.

 

The Government has granted over $54 million in financial assistance to benefit the members of four Australian Prudential Regulation Authority (APRA) regulated superannuation funds that were formally under the trusteeship of Trio.  The assistance, granted under Part 23 of theSuperannuation Industry (Supervision) Act 1993, is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.

 

“The time it has taken to finalise payment to members reflects the inherent complexities of the Trio case, including the need to re-calculate member balances to replace the fictitious Trio returns with an alternative unit price based on a fair and reasonable return,” Mr Shorten said.

 

Superannuation fund members can obtain further information relating to the payment process on Trio’s website at www.triocapital.com.au or by calling the following numbers:

 

  • Astarra Superannuation Plan and Personal Pension Plan – 1800 064 694
  • Astarra Superannuation Service – 1300 616 898
  • My Retirement Plan – 1300 367 111
  • Seagrims Retirement Plan – 1300 233 151
  • AMP can be contacted on 1300 506 445

Investigations into Trio by the Australian Securities and Investments Commission (ASIC) and APRA are continuing and the Parliamentary Joint Committee on Corporations and Financial Services is conducting an inquiry into Trio and any other related matters.