The Australian Prudential Regulation Authority (APRA) has allowed pension payments to be made out of Trio Capital's (Trio) retirement funds, despite the regulatory body freezing the investment service provider's assets.
From 1 November 2009, up to $5000 per pension payment can be made out of the superannuation plans for which Trio is a trustee.
Astarra Personal Pension Plan, My Retirement Plan and Seagrims Retirement are eligible.
According to a Trio spokesperson, the payments were paid on Monday.
APRA said in its directive that the consent does not extend to other future pension payments of the funds.
"If the consent from APRA is not extended ... then the direction will continue to have effect and we will be unable to make pension payments from the funds for the duration of the direction," APRA said.
Last week, it was revealed that pension payments to those who get paid out in annuities were not being met. As a result, Trio attempted to get an exemption from APRA to allow these to be paid.
In late October, the prudential regulator issued a direction to Trio (formerly Astarra Capital) to freeze its assets and not to roll over funds or transfer any amounts from the funds.
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.
