The $600 million NSW Electrical Superannuation Scheme (NESS) will have a new fund secretary from May 31.
Philip Hirshbein, who has been a field officer and co-ordinator at NESS for three years, will take over from James Tinslay. The long-serving fund secretary is being promoted by NESS’ employer sponsor, the National Electrical Contractors Association (NECA), from NSW manager to national chief executive. Hirshbein said Tinslay’s changed role meant he would no longer have sufficient time to devote to NESS. At 15,000 members, Hirshbein admitted NESS was small by industry fund standards but that this meant its service could be more personalised – Hirshbein provides his own phone number to members, for example. The NESS board is currently reviewing whether to replace Hirshbein’s field officer role.
A managed investment scheme holding 20 per cent or more in unlisted assets is deemed an illiquid scheme and is restricted from providing frequent liquidity, but there is no formal limit on how much super funds can allocate to these asset classes. The Conexus Institute writes this is a special privilege given to APRA-regulated super funds that should not be taken for granted.
David Bell and Geoff WarrenFebruary 6, 2025