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VicSuper FUM reaches $13bn
VicSuper's funds under management (FUM) hit $13.42 billion, up from last year's $10.85 billion FUM, according to its 2014 annual report.
Administration expenses increased to $45.04 million this year, compared to $42.64 million last year.
The fund reported its administration expenses shot up 5.6 per cent for the financial year compared to last year due to its growth and retention strategies, and upgrades to the core administration systems.
Expenses totalled $316 million in 2014, and this included administration, term insurance and income tax.
Total revenue stood at $3.21 billion, and this included contributions and transfers from other funds, as well as other revenue.
Super funds are required to hold a minimum reserve of 0.25 per cent of FUM by 30 June 2016 to cover operational risk.
VicSuper opened an operational risk financial reserve (ORFR) during the year, and was funded via a transfer from the general reserve of 0.1 per cent of FUM as at 30 June 2013.
"Where VicSuper's administration fee and account-keeping fee are insufficient to cover VicSuper's management and administration expenses, the shortfall is paid out of the Fund's general reserve account," the report said.
"It is not our intention to use this account to smooth returns from year-to-year apart from minor rounding adjustments."
Victoria's super fund said it used the new global reporting initiative sustainability reporting guidelines as well as the principles of the international integrated reporting (IR) framework to put out the report.
The fund said the guidelines have helped it disclose how business performance, strategy and governance systems work together over the short, medium and long term.
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