The superannuation levy will be abolished from 1 July under a new user-pays funding model from the Australian Financial Complaints Authority (AFCA).
In an update, AFCA said the proposals had been approved following extensive consultation with financial services firms.
The organisation said: “The superannuation levy has been abolished and super funds have been brought under the same fee structure as other scheme members- with a positive or neutral impact for most super fund trustees”.
In the proposals earlier this year, AFCA said removing the super levy would mean 82% of members from the superannuation sector would see reduced total annual fees, 25% would only pay the annual registration fee and 18% would see an increase due to higher relative complaint volumes.
AFCA chief executive, David Locke, said: “This is a fair, transparent and equitable funding model. Ultimately, firms have control over the fees they pay by taking a resolution mindset when managing complaints”.
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.