Super giant ART to pay back staff after salary snafu

One of Australia’s largest super giants will make a one-off back payment to some staff after identifying a “rounding issue” in how their salaries were calculated.

Pay snafu at ART

The calculators are running hot down at Australian Retirement Trust (ART) after a pay glitch was identified involving staff previously employed by QSuper.

Our spies tell us employees of QSuper, which merged with Sunsuper last year to create a the$230bn fund now known as ART, will receive a one-off back payment after a so-called “rounding issue” was identified with the way QSuper converted annual salaries to fortnightly pay. QSuper apparently divided the year by the number 26.0893 while Sunsuper, presumably to take into account leap years, used 26.0000. That meant QSuper employees received fortnightly pay that was fractionally lower. ART has told staff it has now “harmonised” the approach and is “committed to doing the right thing.” ART has not revealed how many staff are involved or the total amount repaid. QSuper had a workforce of 1200 before the merger.

Pay snafu at ART

It says it has elected to make a back payment dating back to 2015 “to reflect the slight difference in pay received as a result of the use of the OneQ (QSuper) payroll divisor.”

“As we continue to integrate following our merger it was identified that our heritage organisations used different payroll divisors – the way annual salaries are converted to fortnightly pay,” a spokesperson explained when approached by City Beat. “We have elected to backpay impacted team members following the harmonisation of our payroll divisor.” The calculation will include ordinary hours, leave, overtime and superannuation.

Family ties

The team at Alvia Asset Partners are popping the champagne corks after picking up the inaugural boutique investment manager of the year gong at the Institute of Managed Account Professionals Awards last week. The Brisbane-based family office investment management firm trumped its southern rivals to win the award, which was announced at a gala evening in Sydney last Thursday. The accolade comes on the back of Alvia achieving a three-year per annum return of 15.9 per cent. Alvia chief executive Nathan Robertson says the award is testament to the firm’s investment ethos and strong returns.

Alvia team (from left) director Eddie Barrett, chief investment officer Joshua Derrington and chief executive Nathan Robertson

“Our investment philosophy is founded on the underlying principle that good investing requires detailed analysis, conviction and a patient temperament,” he says.

It was a competitive category with Alvia up against Sydney-based firms Crystal Wealth and Harper Bernays, as well as Victoria’s Halcyon Private Wealth.

Roberston says Alvia has been able to leverage the expertise of buying private

businesses for its family office clients and transferring that to public markets.

“The results speak for themselves with our typical client portfolio achieving a three-year per annum return of 15.9 per cent, which is 7 per cent higher than that achieved by larger institutional balanced fund,” Robertson says,

Tatts meeting

QUANTA Investment Group boss Stacey Jones will be the guest speaker at the next Brisbane Women’s Club professional series. The event, which will take the form of a Q&A, will be held on September 14 from 6-8pm at the Tattersall’s Club. The professional series enables members and guests to network, connect and engage with local Brisbane women.