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.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment