The superannuation sector is facing a rise in the money it contributes to the Financial Institutions Supervisory Levies, also known as the APRA levy.
However, funds with asset bases between $50 million and $50 billion will pay lower levies in the new financial year.
According to information released by the Federal Treasury, the superannuation sector will be paying $62.2 million in the new financial year, compared to $58.4 million paid in 2014/15.
The Treasury and the Australian Prudential Regulation Authority have released a discussion paper on the levies.
The document reveals the total funding required under the levies in 2015/16 for all relevant Commonwealth agencies and departments is $230.0 million which represents a $1.3 million (0.6 per cent) increase over 2014/15.
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.
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