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The future of IRIS

In September this year we advised all members that the trustee of IRIS had made an “in principle’ decision to close the fund, and transfer members and the fund to HESTA.

Background

This decision was driven by our belief that members’ interests are best served by being part of a fund with the size and scale to keep ahead of the market and deliver high quality services while keeping fees as low as possible.

We were also conscious of the increasingly complex regulatory and competitive environment for superannuation and pension funds, which impose additional costs on members at the expense of investment returns.

The information pack sent to all members in November provides all of the information that members will need to understand the proposed transfer, which is scheduled to occur on 2 February 2018. 

> Download a copy of the FAQ containted in the information pack

Why HESTA?

HESTA was selected as the most appropriate and compatible fund for IRIS after a competitive tender process and after receiving advice from independent advisers.

HESTA has a strong reputation for performance and governance, and HESTA’s investment options and services were the “best fit” with the current IRIS offer. Moreover, for many members, a transfer to HESTA will result in an immediate reduction in fees.

What next?

Throughout this year, the trustee of IRIS has been working closely with HESTA to agree the procedures and timing for the transfer, with a view ensuring that members experience as little disruption as possible as a result of the transfer.

We are extremely grateful for the trust members have placed in us to manage their retirement savings over many years. We look forward to continuing to serve our members up to the transfer, answering questions and helping them through this change.

 

 

Last updated on 16th November 2017