AustralianSuper defines the cost of PYS

The Government’s Protecting Your Super legislation appears to have come at a significant cost to some superannuation funds, with AustralianSuper estimating it at over $3.6 million. 

AustralianSuper controversially introduced a levy to cover those costs and, answering questions on notice from the House of Representatives Standing Committee on Economics, the fund said those extra costs had totalled $3,674,932 on a cost-recovery basis alone. 

What is more, the largest portion of those additional costs came in the form of administration. 

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Breaking down the costs, it said the non-insurance cost had been $944.496, with the insurance costs being $1,043,210 and the administration fee being $1,687,326. 

AustralianSuper chief executive, Ian Silk had in November told the committee that the levy was designed as a cost-recovery exercise and would not provide any additional revenue to the trustee. 




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Comments

That's a drop in the bucket. AusSuper would be making $3.6m profit every fortnight, given their current FUM.

That's sure to drive Timmy Wilson bonkers!

Hey Steve - Aus Super is an industry fund - all " profit " goes back to members !

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