On the subject of Tim Wilson and tough questions for superannuation funds, Rollover also notes that his questions on notice have confirmed that the moustachioed chief executive of AustralianSuper trousered $1,111,234 last year.
And it seems that the objective of Wilson’s questioning was to determine how that compared to the “annual remuneration of the average worker who contributes to your fund”.
Sadly for Wilson, AustralianSuper said it was unaware of the remuneration of members but then detailed the annual superannuation contribution of members of its fund, which in the last financial year was $5,338.
To help Wilson, Rollover has conducted a quick calculation premised on $5,388 being 9.5% of a member’s total annual salary. That works out to just over $50,000 a year albeit that other sources suggest the average member account balance is $77,000 a year so, yes, Silk is taking home slightly more than 20 times that of the average member.
On the other hand, they are not overseeing a financial services organisation with over two million members and $172.4 billion in funds under management.
With rainy weather abound in Sydney, Rollover was sat in front of his TV watching the smorgasbord of niche documentaries free-to-air has to offer.
As a history buff, Rollover is well-aware of the importance of the role the vanguard plays in a military force, as the leader at the front of battle.
Now that crypto investing is mainstream, with Rest Super announcing it will put a portion of its funds into it, Rollover wonders whether his grandkids will think he is hip when he shows them his crypto balance in his new digital wallet.
Rollover is almost as fascinated by superannuation fund mergers as the deputy chair of the Australian Prudential Regulation Authority (APRA), Helen Rowell.