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Perpetual successor fund transfer to go ahead

After months of delay due to COVID-19, Perpetual MySuper accounts will be transferred to CareSuper on or around 30 October 2020.

"We wrote to Perpetual MySuper members in March 2020 to advise of the transfer to CareSuper scheduled for 1 May 2020. Due to market volatility and uncertainty caused by COVID-19, the trustee made the decision to postpone the transfer," Perpetual said in a notice to members.

"After reviewing the matter, we wish to inform you that the transfer to CareSuper will occur on or around 30 October 2020."

According to Rainmaker data, the transfer should see about 7500 accounts and $207 million added to CareSuper.

Just a few months ago, in March 2020, the MySuper option had $220 million in it.

CareSuper, which has more than $16 billion in funds under management, was selected by Perpetual as being in the best interests of members

In March 2019, it was decided by Perpetual that a successor fund transfer was necessary to protect members best interests on the back of poor performance of the Perpetual MySuper option.

A year later, in March 2020, CareSuper was confirmed as the fund members would be transferred to.

Rainmaker analysis of APRA data showed contributions into Perpetual MySuper fell by approximately 90% in the 2018-2019 financial year and for five-year returns to June 2019 the option ranked 52nd.

Members will have limited access to services including account transactions and early release of super applications between 23 October 2020 and 16 November 2020 as the transfer is completed.

The transfer means Perpetual will not have a MySuper option.

Read more: PerpetualCareSuperMySuperPerpetual MySuperRainmakerSuccessor fund transfer
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