Mon, 12th May 2025

In the latest episode of Financial Services Online's 'Weekly Superannuation News Wrap', Paige Estritori discusses the impact of the Australian Prudential Regulation Authority (APRA) on superannuation funds and a significant rise in the APRA levy. This surge has led to increased member administration fees and a predicted cost of six dollars per account for MySuper members in fiscal 2025-26. The burden is disproportionally distributed, with smaller funds taking on a larger cost per member than larger funds. However, APRA has provided some relief to smaller funds. The Productivity Commission and Joint Accounting Bodies have expressed concern over the potential disruption of financial sector efficiency and the disproportionate burden on smaller funds. They advocate for increased transparency and fairer structuring of levies. Understanding these changes is vital for managing retirement savings; for further information, listeners are encouraged to visit the Financial Services Online website.