- What is a custodian?
- Who is Northern Trust?
- Why is this transition happening?
- Will there be any impact on transactions processed within this period?
- Will there be any change to member entitlements?
- Will contact details change due to this transition?
- Who handles the investment side of PSS?
- Will rules change?
What is a custodian?
A custodian is a financial institution that holds securities for guaranteed safekeeping on behalf of superannuation trustees. The custodian typically collects the income on securities under custody, settles transactions, calculates unit prices and provides accounting and performance reports and analysis. CSC remains responsible for all aspects of its investments, including investment strategy, administration and member communications.
Who is Northern Trust?
Northern Trust is a global leader in delivering innovative investment management, asset and fund administration, fiduciary and banking solutions to corporations, institutions and affluent individuals. It has more than 120 years of experience. As of December 31, 2011, Northern Trust Corporation had $100 billion in banking assets, $4.26 trillion in assets under custody and $663 billion in assets under management.
From 1 April 2012, CSC use Northern Trust for custodial services.
Why is this transition happening?
After an extensive tender review process during 2010/11, CSC decided to contract Northern Trust to provide custodial services.
Will there be any impact on transactions processed within this period?
Transactions will be processed within standards as outlined within your PSS Product Disclosure Statement.
Will there be any changes to member entitlements?
No, member entitlements will not change.
Will contact details change due to this transition?
No, contact details will remain the same.
Will Commonwealth Superannuation Corporation no longer be the trustee?
No, Commonwealth Superannuation Corporation will continue to be your trustee.
Who handles the investment side of PSS?
As trustee, Commonwealth Superannuation Corporation will continue to be responsible for scheme investment.
Will rules change?
No, there are no changes to the scheme rules or member entitlements. Only the custodian arrangements will change.