How AustralianSuper paid nearly $400,000 to an employer group
Amid claims by some Government backbenchers and financial planners that industry funds channel money to trade unions, evidence to a Parliamentary Committee has confirmed that industry funds also channel money to employer groups.
The Australian Industry Group (Ai) has confirmed to the Senate Economics Legislation Committee that it was the recipient of nearly $400,000 last financial year as a result of its staff being involved in the activities of AustralianSuper.
Answering questions on notice from a recent hearing of the Committee, Ai made clear that while individual members of its staff were not remunerated by AustralianSuper, Ai itself was a financial beneficiary from the arrangement.
“Some Ai Group employees provide services to AustralianSuper through their membership of AustralianSuper’s board, its Committees and Advisory Boards,” Ai said.
“As is the case for remuneration for external roles in general, under Ai Group’s employment arrangements the remuneration relating to these services is paid to Ai Group in recognition of the fact that Ai Group staff are not available to work for Ai Group while they are providing services as part of their external roles,” it said.
“Similarly, some Ai Group employees serve on the Shareholder Advisory Board of IFM Investors. These are remunerated positions and, under Ai Group’s employment arrangements, the remuneration relating to these positions is paid to Ai Group itself.”
It said that in 2019/20, the total received in relation to the arrangements was $386,110.96.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
