EISS Super would like to notify members that the Australian Prudential Regulation Authority (APRA) has placed some additional licence conditions on EISS Super relating to completing a merger and expenditure management.
EISS Super has, and always will, engage in an open and collaborative manner with our regulators and will continue to comply with all licence requirements.
The EISS Super board reviewed its merger strategy in September 2021 and are currently exploring a number of merger opportunities that will ensure our members’ interests continue to be protected in the long term.
The revised merger strategy has also resulted in changes to a number of the fund’s strategic objectives and associated expenditures, including reviewing our sponsorship arrangements. As a result, the additional licence conditions will not impact on our ability to manage the fund or service our members.
We will continue to engage with APRA on a regular basis to provide feedback on the progress of our merger strategy and compliance with our licence conditions.
As previously announced, we believe it is in the best interests of our members that EISS Super merges with another fund, with the goals of maintaining our service and product offering while achieving cost savings, enhanced investment performance and better retirement outcomes. In the meantime, we remain focussed on supporting our members, through personal service and continued improvement in investment performance.
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