GigSuper goes into liquidation

GigSuper, the superannuation fund designed for the self-employed, has entered voluntary liquidation.

GigSuper launched in 2017 in the hope of helping those working in the gig economy save better for retirement. It partnered with the likes of Deliveroo, whose Australian operations collapsed in 2022.

In late 2021, GigSuper went into voluntary administration and appointed DW Advisory with the task of helping the troubled super fund.

GigSuper had less than 200 members and $2.8 million in assets. Diversa was the trustee, while GROW Inc was the superannuation administrator.

Peter Stanhope and Martin Batur, who worked at trading platform IG Australia, co-founded GigSuper.

"Research shows that up to 75% of self-employed are presently not contributing to super. Unlike the other superannuation funds in Australia, we refuse to sit by and let these self-employed Australians, in the gig economy or otherwise, continue to struggle to save for retirement simply because nobody has taken the time to understand their needs," Stanhope said in the early days of the fund launching.

"GigSuper is a mobile-first offering which allows the self-employed to set up and manage their superannuation on their mobile, just as they can manage other aspects of their business."

The super fund is currently in a members' voluntary liquidation, meaning its shareholders agreed to wind up the business and cease trading.

DW Advisory confirmed to Financial Standard that GigSuper had no obligations to creditors as at June 24.

However, potential company creditors whose debts or claims have not already been admitted to DW Advisory can prove their debts or claims by July 12.

GigSuper joins Cruelty Free Super, Grow Super, Zuper, Human Super, Spaceship Super, Good Super, Max Super on a growing list of startup funds that have either wound up, significantly restructured, or been transferred to larger funds.