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APRA levies up, again
The superannuation sector is facing a rise in the money it contributes to the Financial Institutions Supervisory Levies, also known as the APRA levy.
However, funds with asset bases between $50 million and $50 billion will pay lower levies in the new financial year.
According to information released by the Federal Treasury, the superannuation sector will be paying $62.2 million in the new financial year, compared to $58.4 million paid in 2014/15.
The Treasury and the Australian Prudential Regulation Authority have released a discussion paper on the levies.
The document reveals the total funding required under the levies in 2015/16 for all relevant Commonwealth agencies and departments is $230.0 million which represents a $1.3 million (0.6 per cent) increase over 2014/15.
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The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
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AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
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