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Bendigo and Adelaide Bank establishes new super trustee

The trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension has changed from Sandhurst to the newly created Bendigo Superannuation.

Bendigo Super is a new subsidiary company of Bendigo and Adelaide Bank with the purpose of being the trustee of the Bendigo Superannuation Plan.

The changes were effective May 1, and a leadership team has been appointed to the entity.

Tony Hodges has been appointed as chair, Paul Rohan as executive director, Mary Latham as a non-executive director, Gary Williams as a non-executive director and Justin Hoare as an executive officer.

On why the restructuring happened, a Bendigo spokesperson said: "Bendigo Superannuation Pty Ltd (BSPL) has been established in order to comply with a legislative change that requires trustees of a registerable superannuation entity (RSE) to have no other duty other than acting for its beneficiaries."

Recent legislative conditions that have been imposed on superannuation trustees like Sandhurst prevent it from holding a duty to act in the interests of another person.

The spokesperson continued: "Bendigo Super will replace Sandhurst Trustees as the trustee for the Bendigo Smart Start Super and Bendigo Smart Start Pension. Sandhurst Trustees will continue in its roles as the responsible entity, investment manager, custodian and corporate trustee."

"BSPL is a wholly-owned subsidiary of Bendigo and Adelaide Bank and superannuation and wealth management remain an important offering to its customers."

Notwithstanding the changes, Sandhurst's superannuation business will remain in place, it will also remain as the investment manager of the underlying managed funds investment options of the Bendigo SmartStart Pension.

Read more: Adelaide BankBendigo SmartStart SuperSandhurst TrusteesBendigo Superannuation Pty LtdGary WilliamsJustin HoareMary LathamPaul RohanTony Hodges