Members of failed Trio Capital (Trio) superannuation fund the Astarra Strategic Fund (ASF) may know the amount of government compensation entitled to them by next month.
In a letter to fund members dated 28 June, ACT Super Management director Mike Hill said current expectations for determining each members' loss could be known in August.
Hill said ACT Super, the acting trustee of five Trio funds, including ASF, received the federal government's $55 million Trio grant on 17 June.
"Prior to and following the Minister's [for Financial Services, Bill Shorten] announcement, ACT Super has been working with APRA [the Australian Prudential Regulation Authority] to determine the exact compensation to be paid to each member," he said.
"Each member will receive compensation that reflects a return on their investment equivalent to the 10 year government bond rate rather than the fictional returns that were reported by ASF."
Hill said the calculation of each members' loss has required ACT Super to rerun the whole of the Trio fund accounting system from 2004 using an alternative unit price for ASF.
He said the process had been complex, particularly as ACT Super had not undertaken such a move before, and it had required new programs to be written by the software manufacturer.
As part of the process, ACT has retained a Perth-based accounting firm to test the new programs as they have experience with the Supervisor II system operated by Trio, he said.
"Similarities have been drawn between this process and unit pricing rectification projects where such projects can sometimes take many months or years to implement. Whilst this project is novel and complex, we do not believe it should take that long to finalise," he said.
"However, at this stage it is our current expectations that it is unlikely that we will be in a position to be able to determine each member's loss sometime prior to August at the earliest."
ACT has also engaged Ernst & Young to provide an independent review of the methodology ACT are applying to calculate each member's loss and the actual calculations, he added.
