Section 56

AustralianSuper will build its financial penalty war chest from its administration reserve instead of new member fees, but has left the door open to future admin fee hikes. AustralianSuper has changed its Trust Deed to include a right for its trustee to be paid a limited “Trustee Risk Reserve Fee” (TRRF) in light of the…

While profit-to-member funds have been given the go-ahead to build reserves from new fees on members, Equity Trustees believes that fund shareholders should pony up instead. The issue of so-called “$12 trustees” has leapt to prominence in recent months as super funds flocked to courts to get the green light to build capital reserves through…