Telstra denies super spin off

Telco says it has no plans to sever ties with in-house superannuation scheme.

Telstra Corporation Ltd told its board last month there were no plans to spin-off its in-house superannuation scheme, quashing speculation it was moving to sever ties with the scheme, The Australian Financial Review reports.

According to the newspaper, Telstra chief financial officer Andy Penn informed trustees of the retirement scheme at a board meeting in June that the group was not considering a spin off.

"He was fairly categorical about that," a source told the AFR.

The Telstra Superannuation Fund holds $11 billion in assets, making it the largest corporate fund in the country.

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