Entitlement funds are not all the same. Various funds have different conditions of release, some funds offer other benefits such as insurance. Only ACIRT is required under its trust deed to distribute all its profits to members.
With these differences in mind, the ACIRT Board has approved an amendment to its trust deed that permits transfers only to a fund (or funds) deemed by the Trustee to be a scheme or fund comparable to ACIRT.
The Trustee Board will now determine what fund (or funds) are comparable to ACIRT. Until the Board has made this determination, ACIRT will not be able to act on applications to transfer received after 29 August 2024, the date of effect of the amendment.
ACIRT members wishing to transfer will continue to be entitled to receive their distribution (plus ACIRT’s other benefits). It is expected we will be able to update members further in early November 2024.
From the ACIRT Team.