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#1 2016-05-09 06:03:54

Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 

Being charged a "Regulatory Reform Levy" on my super!

Anyone else get this?  Seems to be yet another small fee added to Super.

Regulatory Reform Levy

In 2012 the Government has introduced a number of mandatory regulatory reforms, including Stronger Super. The aim of the reforms was to make the Australian super and pension system stronger and more efficient, and to help maximise retirement incomes. While we absorbed the majority of our costs for administering these mandatory reforms, to partially recover some of our costs, we will charge a Levy in April 2016.

How the levy works

We'll be charging a Levy of up to 0.20% on account balances of $5,000 or more (capped at a maximum of $40). When applied, you will see the Levy in your June 2016 statement under the category 'Admin Fee – Regulatory Reform Levy'.

Please note, that if you transferred money from a Colonial First State super or pension account that was opened before 1 January 2016 into a new super or pension account after 1 January 2016, you will be charged the Levy.

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