If you’re going to be appointed to the trustee board of a superannuation fund choose a bank-owned retail fund or a large industry fund – you’ll get paid more.
That is the bottom line of answers provided by both retail and industry superannuation funds to the House of Representatives Standing Committee on Economics.
The answers reveal that while the trustee directors employed on the National Australia Bank’s NULIS board received a total of $1,151,682 in directors fees equating to an average of $221,477, this compared to the trustees of the Australian Catholic Superannuation Fund who received an average salary of $57,370 a year.
This in turn compares to the $125,000 paid to trustee directors of the AMP superannuation funds, and the average remuneration of $118,103 paid to trustee directors of major retail industry superannuation fund, REST.
A number of large retail and industry funds have yet to respond to the questions on notice from the Parliamentary Committee.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.