Members of the hospitality fund Employees Productivity Award Superannuation Fund (EPAS) have been awarded their superannuation after a long-standing claim with the fund.
In 1998, EPAS funds were frozen after it was reported the value of the fund had been reduced from $27 million to $18 million.
Fund directors were subsequently charged for breaching their duty as directors. Charges included unauthorised loans made to companies associated with fund directors.
In 2004, the Australian Prudential Regulation Authority disqualified the fund trustees, banning them from the industry for life.
Trust Company was appointed trustee of EPAS and has been working with corporate regulator ASIC to negotiate a settlement for the fund's 26,000 hospitality workers.
Under the settlement agreement, the fund will receive $10 million. Members of the fund can choose to rollover their entitlements to another super fund or retirement savings account.
"This outcome has been a long time coming. Since 1998 we have been proactively working with ASIC to achieve a decent settlement for the fund's members. We are pleased with the decision." Trust executive general manager Vicki Allen said.
