Trio compensation to cost funds up to $500,000
The levy to cover the $55 million financial assistance package for victims of the Trio Capital collapse has been announced by the Government, with funds to pay a maximum of $500,000.
Last month, Assistant Treasurer Bill Shorten announced investors in funds regulated by the Australian Prudential Regulation Authority (APRA) for which Trio was trustee would receive compensation by way of a levy on other regulated funds.
The Government has now announced the levy will be calculated by multiplying the rate of 0.0001977 by a fund’s assets, with the maximum levy set at $500,000, while the minimum will be $50.
At the time, Shorten said that investors in APRA-regulated funds deserved to be compensated by the Government if they lost their investments through fraud.
The assistance will help those investors in the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.
Those 690 direct investors, of which 285 were self-managed superannuation funds, are not eligible for the compensation payment since no levy scheme is in place to recoup costs from fraud.
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