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Tasplan and Legalsuper embrace unit pricing
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| Andrew Proebstl
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Two major Australian funds, Legalsuper and Tasplan, announced this week a complete transition from crediting rates to unit pricing, effective from 31 March 2010. All member accounts are now expressed in units, and unit prices are issued weekly.
Legalsuper chief executive Andrew Proebstl said the board had decided that unit pricing was the best practice within the industry and a more timely method of attributing investment earnings to members.
“Relative to crediting rates, unit pricing provides our members with a more up-to-date valuation of their superannuation balance,” Proebstl said.
Tasplan chief executive officer Neil Cassidy said the transition from crediting rates to unitisation would add to the fund’s transparency.
“The move was designed to keep Tasplan operating at best practice standards, whilst also providing improved reporting services for members,” Cassidy said.
“Members and regulators want funds to be more accountable,” he added.
Proebstl explained that unitisation also brought greater equity across members through the application of a buy/sell spread “that quarantines the costs of buying and selling investments to those members who transact rather than spreading those costs across all members, as often is the case with crediting rates”.
Both chief executives stated the transition was an important and complex project for their funds.
AUTHOR
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