Trio Capital is lobbying the Australian Prudential Regulation Authority (APRA) to allow regular payments to members of the superannuation funds for which it is trustee to continue, after the regulatory body froze its assets last week.
"Currently, the pension payments to those who get paid out in annuities are not being met. There are those that rely on these pensions for income," a Trio Capital spokesperson said.
"Trio are trying to get an exemption from APRA to allow these to be paid."
Last week, APRA issued a direction to Trio Capital (formerly Astarra Capital) to freeze its assets and not to roll over funds or transfer any amounts from the funds.
The super funds that Trio Capital performs trustee duties for include the Astarra Superannuation Plan, Astarra Pension Plan, Employers Federation of NSW Superannuation Plan, Seagrims Retirement Fund, TIC Super, Titanium Retirement Fund and Astarra Pooled Superannaution Trust.
TIC Super was contacted by InvestorDaily but said they were instructed by Trio Capital not to comment.
According to the APRA direction, Trio Capital is precluded from making any payments from the funds or accepting any new contributions into the funds unless it first obtains APRA's approval in writing.
These directions will remain in place until 20 November unless APRA revokes its directions.
The spokesperson said payments to administrators were not being paid as a result of the directive and super fund members were also not able to change investment options in the Australian covered call fund, balanced fund, conservative fund, growth fund, international covered call fund and strategic fund.
"There is no money going in or out at the moment," he said.
