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NESS goes public offer
NSW-based scheme NESS Super has received the necessary approvals to go Public Offer.
The fund, previously known as the NSW Electrical Superannuation Scheme, confirmed the Australian Prudential Regulation Authority and Australian Securities and Investments Commission approvals today.
Commenting on the move, NESS Super chairman Anthony Glossop said it represented a positive step and natural progression in the evolution of the fund.
"It will certainly allow us to extend our reach within the electrical and communications industry and to capitalise on the significant opportunities that currently exist," he said.
The fund's formal announcement said that a primary benefit of going Public Offer would be to allow the principals of electrical and communications contractors who are self-employed or have a partnership business structure to join NESS Super, in addition to their employees.
NESS chief executive Angie Mastrippolito said that going Public Offer from June 2014 represented the latest enhancement to the fund after receiving MySuper approval in April 2013, as well as improved default insurance arrangements.
Mastrippolito said that while going Public Offer would provide the fund with greater reach, it intended maintaining its specialist, industry-specific focus.
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