NESS goes public offer

8 April 2014
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 17 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 8 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 12 hours ago