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.”