POWERED BY MOMENTUM MEDIA
Super funds to list payments to industry bodies
Superannuation funds will have to provide members with an itemised list of payments made to industry bodies or trade associations if the Government’s proposed Your Future, Your Super reforms are implemented.
In an answer to a question on notice to the House of Representatives Standing Committee on Economies, the Australian Prudential Regulation Authority (APRA) said while it did not collect data on annual payments to industry associations by registrable superannuation entities, data would be part of a collection being implemented from 1 July, 2021.
The first reporting was due 30 September, 2021 and would be reported at the industry body level.
The answer was to the question was posed by NSW Liberal backbencher, Jason Falinski, who asked how much money industry superannuation funds gave to Industry Super Holdings (ISH) and the industry super association.
APRA said it was “unaware of the original capital input (if any) into ISH by the 27 funds. It is APRA’s understanding that no subsequent financial contribution has been made to ISH by the 27 funds.
“ISA manages collective programs on behalf of 15 industry Australian superannuation funds… APRA understands that in the financial year 2019/20, ISA’s total revenue was $23 million generated from the 15 funds, determined by several factors including funds under management and the number of accounts held by a fund.”
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
