Transfer of RBA Staff Super Fund to SunSuper
Phillip Sweeney made this Freedom of Information request to Reserve Bank of Australia
This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.
Dear Reserve Bank of Australia,
During March 2017 the Reserve Bank of Australia Officers' superannuation fund was transferred to SunSuper by way of a 'successor fund transfer' (SFT) arrangement.
The transferor trustee(s) was 'The Trustees for Licence L0002462' which had an 'equal representation required by legislation' governance structure. {It is assumed that these were natural person trustees since ASIC does not have a record of a body corporate of this name}.
APRA's Prudential Practice Guide SPG 227 - Successor Fund Transfers and Wind-ups' at [12] states:
"APRA expects that an RSE licensee would have clearly documented reasons for deciding to undertake a 'successor fund transfer (SFT)', including the basis for concluding that the decision is in the best interests of the beneficiaries as a whole".
The document I seek is a copy of such "clearly documented reasons for deciding to undertake a successor fund transfer" with SunSuper.
I also seek a copy of a document that would identify the number of natural person trustees in March 2017.
The names of the trustees can be redacted if necessary.
Yours faithfully,
Phillip Sweeney
Dear Mr Sweeney
In terms of the Freedom of Information Act 1982, I acknowledge receipt of your request and advise that processing of it commences on 3 October 2020.
Please be advised that, consistent with the provisions of the Information Publication Scheme, the Bank’s policy is to release all documents provided to applicants under the FOI Act 1982 on the Bank’s FOI disclosure log close to the same time they are provided to the applicant. The publication of any FOI related documents on our website will also be notified to the Bank’s RSS feed subscriber list.
Yours sincerely,
Phil Lomas | FOI Officer | Secretary's Department
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9744 | e: [RBA request email] | w: www.rba.gov.au
-----Original Message-----
From: Phillip Sweeney [mailto:[FOI #6775 email]]
Sent: Friday, 2 October 2020 2:25 PM
To: FOI <[RBA request email]>
Subject: Freedom of Information request - Transfer of RBA Staff Super Fund to SunSuper
⚠ EXTERNAL EMAIL: Do not click any links or open any attachments unless you trust the sender and know the content is safe.
Dear Reserve Bank of Australia,
During March 2017 the Reserve Bank of Australia Officers' superannuation fund was transferred to SunSuper by way of a 'successor fund transfer' (SFT) arrangement.
The transferor trustee(s) was 'The Trustees for Licence L0002462' which had an 'equal representation required by legislation' governance structure. {It is assumed that these were natural person trustees since ASIC does not have a record of a body corporate of this name}.
APRA's Prudential Practice Guide SPG 227 - Successor Fund Transfers and Wind-ups' at [12] states:
"APRA expects that an RSE licensee would have clearly documented reasons for deciding to undertake a 'successor fund transfer (SFT)', including the basis for concluding that the decision is in the best interests of the beneficiaries as a whole".
The document I seek is a copy of such "clearly documented reasons for deciding to undertake a successor fund transfer" with SunSuper.
I also seek a copy of a document that would identify the number of natural person trustees in March 2017.
The names of the trustees can be redacted if necessary.
Yours faithfully,
Phillip Sweeney
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Dear Mr Sweeney,
I refer to your recent request seeking a document showing the reasons for the transfer of the Reserve Bank Officers Superannuation Fund (OSF) to Sunsuper and a document showing (without names) the number of OSF Trustees as at March 2017.
I advise that there are two documents relevant to your request and enclose them with this email. They are released to you in full (with the exception of now obsolete contact emails and phone numbers in the first document and trustee names in the second).
Yours sincerely,
Anthony Dickman | Secretary
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9744 | e: [RBA request email] | w: www.rba.gov.au
-----Original Message-----
From: FOI
Sent: Friday, 2 October 2020 4:36 PM
To: 'Phillip Sweeney' <[FOI #6775 email]>
Subject: RE: RBAFOI-202113 - Freedom of Information request - Transfer of RBA OSF to SunSuper etc - acknowledgement of request [SEC=OFFICIAL]
Dear Mr Sweeney
In terms of the Freedom of Information Act 1982, I acknowledge receipt of your request and advise that processing of it commences on 3 October 2020.
Please be advised that, consistent with the provisions of the Information Publication Scheme, the Bank’s policy is to release all documents provided to applicants under the FOI Act 1982 on the Bank’s FOI disclosure log close to the same time they are provided to the applicant. The publication of any FOI related documents on our website will also be notified to the Bank’s RSS feed subscriber list.
Yours sincerely,
Phil Lomas | FOI Officer | Secretary's Department
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9744 | e: [RBA request email] | w: www.rba.gov.au
-----Original Message-----
From: Phillip Sweeney [mailto:[FOI #6775 email]]
Sent: Friday, 2 October 2020 2:25 PM
To: FOI <[RBA request email]>
Subject: Freedom of Information request - Transfer of RBA Staff Super Fund to SunSuper
⚠ EXTERNAL EMAIL: Do not click any links or open any attachments unless you trust the sender and know the content is safe.
Dear Reserve Bank of Australia,
During March 2017 the Reserve Bank of Australia Officers' superannuation fund was transferred to SunSuper by way of a 'successor fund transfer' (SFT) arrangement.
The transferor trustee(s) was 'The Trustees for Licence L0002462' which had an 'equal representation required by legislation' governance structure. {It is assumed that these were natural person trustees since ASIC does not have a record of a body corporate of this name}.
APRA's Prudential Practice Guide SPG 227 - Successor Fund Transfers and Wind-ups' at [12] states:
"APRA expects that an RSE licensee would have clearly documented reasons for deciding to undertake a 'successor fund transfer (SFT)', including the basis for concluding that the decision is in the best interests of the beneficiaries as a whole".
The document I seek is a copy of such "clearly documented reasons for deciding to undertake a successor fund transfer" with SunSuper.
I also seek a copy of a document that would identify the number of natural person trustees in March 2017.
The names of the trustees can be redacted if necessary.
Yours faithfully,
Phillip Sweeney
-------------------------------------------------------------------
Please use this email address for all replies to this request:
[FOI #6775 email]
Is [RBA request email] the wrong address for Freedom of Information requests to Reserve Bank of Australia? If so, please contact us using this form:
https://aus01.safelinks.protection.outlo...
This request has been made by an individual using Right to Know. This message and any reply that you make will be published on the internet. More information on how Right to Know works can be found at:
https://aus01.safelinks.protection.outlo...
If you find this service useful as an FOI officer, please ask your web manager to link to us from your organisation's FOI page.
-------------------------------------------------------------------
Disclaimer
This e-mail message (along with any attachments) is intended only for the named addressee and could contain information that is confidential or privileged. If you are not the intended recipient you are notified that any dissemination, copying or use of any of the information is prohibited. Please notify us immediately by return e-mail if you are not the intended recipient and delete all copies of the original message and attachments. This footnote also confirms that this message has been checked for computer viruses.
Dear FOI,
Thank you for the prompt response to this FIO Request
Yours sincerely,
Phillip Sweeney