Major superannuation fund administration parent company, Link Group has notified the Australian Securities Exchange (ASX) that the Government’s Budget superannuation changes will have a material impact on the number of members administered by its fund administration division.
The administrator also confirmed that it had lost the administration mandate for CareSuper – something which represented about one per cent of its proforma revenue.
It said the likely reduction in members being administered would flow from the Budget changes to the treatment of inactive superannuation accounts from 1 July, next year, when member balances of less than $6,000 which had been subject to no contributions for 13 months would be transferred to the Australian Taxation Office and the account closed.
The Link ASX announcement said that, in its current form, the Government’s proposal might have a material impact on the number of members administered by Link Administration Holdings.
However, it said Link could not yet quantify the net effect on its fund administration revenue at this time.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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