LGIAsuper’s directors and executives have committed to a 10% pay cut until at least 30 June, 2020, as a response to the COVID-19 pandemic.
The Queensland superannuation fund’s chair, John Smith, said the remuneration cut decision was because its core membership came from the local government sector and they would be hard hit by the virus as ratepayers experienced financial hardship.
The fund’s chief executive, Kate Farrar, said the pay cut would be through sacrificing annual leave entitlements.
“Many of our members are directly impacted by COVID-19, and it is important they know we are standing with them, while working tirelessly to protect them and their savings,” Farrar said.
“We know our fund will be impacted by COVID-19, but our members can rest assured that we are determined to keep investing in services for members even through the fallout from this pandemic.”
Farrar noted that the board and leadership team would not ask employees to make the same sacrifices.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.