News
Bill Shorten, Assistant Treasurer, made the decision to provide a grant of approximately $55 million in financial assistance to benefit members of the four superannuation funds that were formerly under the trusteeship of Trio.
Mr Shorten said "Investors in APRA regulated funds deserve to be compensated by the Government when they lose their investment through fraud or other malfeasance by super fund trustees."
To fund the $55 million grant, all APRA regulated superannuation funds are required to pay a levy. The amount will vary Fund to Fund depending on their Fund size.
The amount WA Local Super is required to pay is $176,602.32. This will be deducted in the 2011/2012 financial year from the Funds reserves.
Scoop on Super
Scoop on Super is WA Local Super's newsletter which is posted to all members.