Industry fund legalsuper has completed the transition from crediting rates to full unitisation, in line with industry best practice.
Legalsuper's custodian National Asset Servicing will calculate unit prices and Australian Administration Services (AAS) will apply unit prices.
Legalsuper chief executive Andrew Proebstl said this move would be a more timely method of attributing investment earnings to members.
"Relative to crediting rates, unit pricing provides our members with a more up-to-date valuation of their superannuation balance," Proebstl said.
"Unit pricing also brings greater equity across members through the application of a buy/sell spread that quarantines the costs of buying and selling investments to those members that transact, rather than spreading those costs across all members as is often the case with crediting rates."
The transition project was managed by Drew Vaughan of Dymond, Foulds & Vaughan. Reconciliations of member balances pre and post-unit pricing, together with a recalculation of earnings, was completed by AAS and audited by Ernst & Young.
"Our move to unitisation is also an important and strategic step for legalsuper that continues our emphasis on delivering industry best practice for our members," Proebstl said.
