Compensation to flow to Trio collapse victims

by Terry Hayes

The Minister for Financial Services announced that more than 5,300 people can now expect to start seeing their share of over $54m in compensation payments, to be paid following the collapse of Trio Capital Ltd. Money will be progressively credited to member's superannuation accounts over the next 2 weeks, he said. Mr Shorten said there were 5,358 people in APRA regulated funds who were defrauded of their superannuation in the collapse of Trio. 

The Minister said the Government had granted over $54m in financial assistance to benefit the members of 4 APRA regulated superannuation funds that were formally under the trusteeship of Trio. The assistance, granted under Pt 23 of the Superannuation Industry (Supervision) Act 1993, is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.

Superannuation fund members can obtain further information relating to the payment process on Trio's website or by calling the following numbers:

• Astarra Superannuation Plan and Personal Pension Plan – 1800 064 694
• Astarra Superannuation Service – 1300 616 898
• My Retirement Plan – 1300 367 111
• Seagrims Retirement Plan – 1300 233 151
• AMP can be contacted on 1300 506 445

Mr Shorten said investigations into Trio by ASIC and APRA are continuing and the Parliamentary Joint Committee on Corporations and Financial Services is conducting an inquiry into Trio and any other related matters.