GigSuper fund for ‘gig economy’ food delivery riders and the self employed goes into liquidation

A super fund for ‘gig economy’ food delivery riders and self-employed Aussies has gone into liquidation.

GigSuper was registered in 2017 to cater for the increase in workers running a side business or employed as independent contractors.

A year later, it established a partnership with the now defunct Deliveroo.

The partnership enabled takeaway food delivery drivers – classified as self-employed contractors – to make their own contributions to retirement savings with GigSuper instead of Deliveroo doing it for them.

But the start-up, co-founded by Peter Stanhope and Martin Batur, went into administration in early 2022 owing creditors $2.7million.

GigSuper Holdings Pty Ltd entered a members’ voluntary liquidation on Monday following a general meeting of company members.

This means the group is now solvent and able to pay creditors, little more than two years after it initially collapsed owing $200,000 to staff, $133,000 to the tax office and $2.7million to unsecured creditors, The Australian Financial Review reported at the time.

DW Advisory principal Paul Weston has been appointed as liquidator with those believing they are still owed debts having until July 12 to make a claim.

Australia’s superannuation savings are now worth $3.8trillion, with almost a quarter of that money – or $933billion – invested in self-managed super funds.

Those who are self-employed, operate as a sole trader or in a business partner don’t have to pay themselves super but from July 1, employees have to be paid 11.5 per cent of their wages in superannuation.