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Legalsuper reports member contributions spike
Superannuation account consolidation and a range of other factors led to a significant uptick in non-employer contributions last year, according to the chief executive of Legalsuper, Andrew Proebstl.
Proebstl said that his fund’s total non-employer contributions had risen by 21 per cent over the previous year, and that this had occurred despite the negativity created by the global financial crisis.
However he acknowledged that most of the growth had come from members transferring other super accounts into Legalsuper, with transfers from other funds having increased by 52 per cent over the period.
Proebstl pointed to recent data from the Australian Prudential Regulation Authority (APRA) showing that total annual non-employer contributions across the whole superannuation industry had increased 5 per cent over the 12 month period, while Legalsuper’s had increased by 26 per cent.
AUTHOR
Mike Taylor
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