A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential Regulation Authority has also fallen short, according to a Liberal member of that committee.
Industry funds-owned fund manager, IFM has complained it is the only fund manager to be called before a House of Representatives Committee and that it has already answered over 100 questions but that did not stop the committee chair, Tim Wilson, asking yet another question.
The AustralianSuper answer revealed that the fund directed $3,533,953 in the 2015/16 financial year, $4,774,000 in the 2016/17 financial year, $5,454,000 in 2017/18, $5,187,000 in 2018/19 and $5,070,317.
By comparison, big hospitality industry fund, Hostplus revealed its contribution for only the 2020 financial year – being $3.6 million.
Industry Super Australia is owned by 15 industry superannuation funds with Money Management reporting last week that NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.
It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.
This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.
The AustralianSuper answer revealed that the fund directed $3,533,953 in the 2015/16 financial year, $4,774,000 in the 2016/17 financial year, $5,454,000 in 2017/18, $5,187,000 in 2018/19 and $5,070,317.
By comparison, big hospitality industry fund, Hostplus revealed its contribution for only the 2020 financial year – being $3.6 million.
Industry Super Australia is owned by 15 industry superannuation funds with
Money Management reporting last week that NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.
It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.
This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.
Some of those ISA member funds denied in answers to Wilson that they had directed any money to ISA over the five-year period he specified.
The answers have come as the Senate Economics Legislation Committee continues its review of the Your Future, Your Super particularly submissions around the ability of the Minister of the day to veto superannuation fund investments which are deemed to be inappropriate.
Submissions to the Senate Committee have expressed concern about how the prohibition on certain payments and investments will impact political advertising, noting that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had not recommended such an approach.