Maritime Super maintains an insurance reserve, operational risk reserve and a fund operating reserve.
The insurance reserve is maintained for a number of purposes relating to the operation and management of the death and total and permanent disablement benefits of the Fund. During 2019/20, it was invested in the MySuper, Indexed Diversified, Moderate and Cash investment options.
Operational risk reserve
The operational risk reserve is maintained for the purpose of managing the Fund’s operational risks, as prescribed by legislation. It was isolated from the Fund operating reserve on 1 July 2013 and during 2019/2020 was invested in the Growth, Moderate and Cash Enhanced investment options.
Fund operating reserve
The Fund operating reserve manages all the operating transactions of the Fund, including expenses and taxes. This reserve is invested primarily through the Fund’s bank accounts. The Trustee may distribute part of this reserve to members if the reserve balance is above the targeted level. Amounts shown in the tables reflect any such distributions.