Litsa Tsitsis

Profile

Litsa Tsitsis is a Partner in HWL Ebsworth’s National Superannuation and Funds Management Group.    

Litsa has worked with some of the key participants in the Superannuation industry including:

• HOSTPLUS
• Media Super
• Statewide Superannuation Fund
• WA Local Government Superannuation Plan.

Litsa has established a reputation for providing consistently innovative, commercially focussed and technically proficient advice. She works closely with clients and this enables her to understand their business, objectives and needs.  She has considerable experience across a broad spectrum of legal services in the superannuation industry.

Litsa has extensive experience in advising trustees in relation to the Corporations Act 2001, Superannuation Industry (Supervision) Act 1993, Superannuation Guarantee (Administration) Act 1992 (and applicable Regulations) requirements.  She has advised trustees in relation to ASIC and APRA investigations, restructuring of investment options, breach reporting, member reporting and member communication including significant event notices, annual reports, benefit statements and product disclosure statements.  She has also advised trustees on issues involving contributions including late employer contributions and employer contributions made in error.

Litsa has had substantial involvement advising trustees on outsourcing agreements including the drafting, negotiating and settling of administration, custody, investment management agreements and other service agreements.  Further, she is experienced in assisting trustees resolve disputes in relation to outsourcing agreements (e.g. breaches of service standards).

Litsa has a litigation background in member complaints and benefit claims and has assisted trustees in the merits review of claims and complaints.  Litsa has significant experience in drafting submissions to the Superannuation Complaints Tribunal.

Expertise

Advising trustees on:

• Applications to APRA and ASIC for relief from regulatory requirements;
• APRA and ASIC investigations;
• Fund transfers and mergers;
• Compliance with regulatory requirements pursuant to the Corporations Act 2001, Superannuation Industry (Supervision) Act 1993, Superannuation Guarantee (Administration) Act 1992 (and applicable Regulations);
• Disclosure materials, including product disclosure statements, annual reports, benefit statements;
• Communication material including Fund websites and brochures;
• Corporate governance;
• Trust law issues, including interpretation of governing rules and general administration issues;
• Fund documentation, including amendments to Trust Deeds, indemnities, board documents;
• Outsourcing agreements including administration, custody and other service agreements;
• Member complaints and benefit claims;
• Dispute resolution including resolving member disputes and  preparation for Superannuation Complaints Tribunal matters, resolving disputes with service providers;
• Litigation in superannuation issues;
• Insurance arrangements including group life and disability;
• In-House asset requirements;
• Contributions, including late employer contributions and mistaken employer contributions;
• Investment Management Agreements and opening account procedures in foreign jurisdictions, including India, Pakistan.

Major projects in which Litsa has worked on include:

• The Print Super and Just Super successor fund transfer (now known as Media Super) valued at $2.2 billion.
• Drafting, negotiating and settling major contracts including an agreement valued at $150 million.
• The advising on the Better Super changes and assisting Trustees in implementing these changes in all aspects of their business (including advising on amendments to their governing rules, administration agreements and administration systems).
• Advising a trustee on board restructure issues and implementing that restructure.
• The ExxonMobil Superannuation Plan Pty Ltd vs Esso Australia Pty Ltd 2002 – in particular acting for Division D members in this rectification case which  involved the meaning of “Final Average Pay”, in the Trust Deed and whether certain members were entitled to further benefits (value $11 million).