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IOOF, ANZ delay pension deal after regulatory inquiry

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IOOF, ANZ delay pension deal after regulatory inquiry

IOOF Holdings Ltd.'s acquisition of pension assets from Australia & New Zealand Banking Group Ltd. has been pushed back following a regulatory action by the Australian Prudential Regulation Authority into IOOF.

In two separate Jan. 15 stock exchange filings, ANZ and IOOF said they have agreed to delay the sale of ANZ's pensions and investments business to allow for ANZ to formally split its pensions assets from OnePath Life, which is currently expected to occur by July 1.

IOOF's buyout of the pension assets will only settle after ANZ has made the split. The company did not give a specific date for the settlement.

When the companies initially announced the deal in October 2017, they expected it to close in about 12 months. ANZ said that the sale of OnePath Life to Zurich Financial Services Australia can happen independently of the transaction with IOOF and that completion of the sale of OnePath Life is expected in the first half.

APRA said in December 2018 that it was seeking to disqualify a number of IOOF executives and directors from acting as superannuation trustees for allegedly failing to act in the best interest of superannuation members.