Compensation InsightHow AustralianSuper Pays
Australia's largest superannuation fund — covering investment vs corporate career tracks, the Investment Performance Payment Plan (IPPP), executive compensation, and APRA CPS 511 compliance.
At a Glance
Career Level Hierarchy
AustralianSuper operates two distinct career tracks: Investment and Corporate/Operations. Band labels (AS1–AS8) are inferred — AustralianSuper does not publicly disclose internal band codes.
Investment Track
Corporate / Operations Track
Key Structural Note
Investment professionals are eligible for the Investment Performance Payment Plan (IPPP) from AS3 upward, with bonuses ranging from 10–125% of fixed remuneration. Corporate/operations roles rely primarily on fixed pay, with discretionary bonuses available only at senior levels (AS5+). This creates a significant pay gap between the two tracks at equivalent seniority levels.
Compensation by Level
Total compensation breakdown for Melbourne, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Incentive Plan |
|---|---|---|---|---|---|
| AS1 | Graduate / Entry 0–2 yrs | A$70K – A$95K | 0% | A$78K – A$106K | None |
| AS2 | Analyst 2–5 yrs | A$100K – A$145K | 12% | A$115K – A$175K | None |
| AS3 | Senior Analyst 4–8 yrs | A$140K – A$195K | 20% | A$175K – A$255K | IPPP eligible |
| AS4 | Associate Director 6–12 yrs | A$185K – A$270K | 30% | A$250K – A$380K | IPPP eligible |
| AS5 | Investment Director 10–18 yrs | A$260K – A$380K | 45% | A$390K – A$590K | IPPP + deferred |
| AS6 | Senior Investment Director 14–22 yrs | A$370K – A$520K | 65% | A$630K – A$910K | IPPP + 40% deferred 5yr |
| AS7 | Chief of Domain 18+ yrs | A$550K – A$850K | 80% | A$1.0M – A$1.6M | IPPP/OPP + 40% deferred |
| AS8 | CEO / Deputy CEO 20+ yrs | A$1.0M – A$1.6M | 0% | A$1.1M – A$1.8M | CEO: None; CIO: OPP |
Source: Glassdoor, Indeed, Levels.fyi, H1B data, AustralianSuper Annual Report FY25, PayScale. Australian values include superannuation (12%).
Total Compensation Range by Level
Investment track vs Corporate track. Excludes AS8 (CEO/CIO) for scale clarity.
Global Investment Offices — London, New York & Beijing
AustralianSuper was the first industry super fund to establish overseas investment offices (Beijing 2012, London 2016, New York 2021). Global headcount is planned to quadruple over 3 years.
New York — Investment Office (~75–130 staff)
London — Investment Office (~160–200 staff, King's Cross)
London Office Context
- Deputy CIO Damian Moloney heads international operations from London
- Private equity team grew from 5 to ~40 people
- A$16B committed to UK investments
- 2025 Graduate Program available (rotational, Sept start)
- Melbourne global equities team partially restructured to London
Beijing Office (est. 2012)
Small team (~10–20 staff) focused on local market intelligence and relationships. AustralianSuper was the first industry super fund to establish an overseas office, starting in Beijing in 2012 with A$46B in assets and just 39 investment staff.
Source: Bloomberg, Top1000Funds, Asian Investor, AustralianSuper Careers, H1B data. Salary data in local currency.
Variable Pay & Performance Bonus Structure
AustralianSuper's variable pay is bifurcated: investment roles earn via the IPPP/OPP (10–125% of TFR), while corporate roles rely on discretionary bonuses. The CEO receives zero variable pay.
Variable Pay % by Band & Track
CIO Performance Bonus History
| Year | Bonus Outcome | % of Base | Note |
|---|---|---|---|
| FY2020 | A$947K | 129% | Highest-paid in industry |
| FY2021 | A$931K | ~120% | Highest-paid (2nd consecutive yr) |
| FY2023 | Deferred vesting | — | Total comp ~A$2.0M incl. deferred |
| FY2024 | A$0 (0%) | 0% | Performance criteria not met; 100% forfeited |
| FY2025 | Under OPP | TBD | Deferred from prior years vesting |
IPPP / OPP Formula
Bonus = f(Investment Outperformance vs Benchmarks) × Role Weight × TFR
The CEO and People & Culture Committee review performance conditions and weightings at least annually. Board retains full discretion. Payments are made in cash. No equity instruments are used. Senior investment roles have 40% of entitlements deferred over 5 years (equal vesting in years 2–5).
Executive Compensation — FY2025
| Year | Total | Bonus | Note |
|---|---|---|---|
| FY2025 | A$1.57M | None | 100% fixed; no STI or deferred |
| FY2024 | A$1.40M–A$1.53M | None | Pay rise despite A$27M ASIC fine |
| FY2023 | A$1.50M | None | — |
| Year | Total | Bonus | Note |
|---|---|---|---|
| FY2025 | A$1.3M+ | OPP (deferred) | Prior years' deferred vesting |
| FY2024 | A$1.3M | 0% IPPP | 100% forfeited — criteria not met |
| FY2023 | A$2.0M | Includes deferred | Highest-paid in industry |
| FY2021 | A$1.73M | A$931K STI | 2nd year as highest-paid |
| FY2020 | A$1.71M | A$947K | 129% of base salary |
Board Governance & Executive Changes
AustralianSuper is not publicly listed — no insider trades apply. Instead, board governance and executive appointments are key disclosure events. Board composed of equal member and employer directors.
| Date | Person | Role | Type | Detail |
|---|---|---|---|---|
| Dec 2025 | Mark Delaney | CIO & Deputy CEO | Departure | Announced retirement effective June 30, 2026. Global search for successor underway. |
| Oct 2025 | Rose Kerlin | Deputy CEO | Appointment | Appointed Deputy Chief Executive alongside CIO role expansion. Acting CEO May–June 2025. |
| Oct 2025 | Shawn Blackmore | Chief of Domain | Departure | Separated. Received accrued leave entitlements and payment in lieu of notice. |
| Jul 2025 | Board | All Directors | Fee Change | Independent Investment Committee member fee increased from A$88,400 to A$92,000/year. |
| FY25 | Michele Glover | Chief (UK-based) | Appointment | Secondment to London office. Annual remuneration A$784,965 incl. UK currency adjustments. |
| FY24 | Paula Benson | Board Chair | Appointment | A$64,000 one-off entitlement for accepting role (vested Aug 31, 2024). |
Board Director Fees (FY25)
Some director fees paid directly to affiliated organisations: ACTU (A$163,348), Ai Group (A$2,696). Reflects industry fund governance where directors are nominated by employer groups and unions.
Governance Model
- Equal representation: member directors + employer directors
- Directors represent trade unions (ACTU, UWU, AMWU, AWU) and employer groups (Ai Group)
- People & Culture Committee oversees all remuneration
- Board retains discretion to withhold all variable pay
- Costs limited to directors' fees, insurance premiums, and related costs
Source: AustralianSuper FY25 Trustee Annual Financial Report, AustralianSuper FY25 Fund Annual Financial Report.
Senior Leadership Compensation
AustralianSuper's CEO receives 100% fixed pay (no bonus). The CIO is the only KMP eligible for performance-related bonuses via the Outperformance Payment Plan (OPP). Deferred cash replaces equity (not listed).
APRA CPS 511 Remuneration Requirements
- AustralianSuper is classified as a Significant Financial Institution (SFI) — A$410B+ AUM exceeds A$30B threshold
- Material risk takers subject to deferral, malus, and clawback provisions
- CIO has 40% of performance entitlements from FY21–FY23 deferred over 5 years
- First CPS 511 public disclosure required for FY25 (within 6 months of year-end)
- Board retains full discretion to reduce variable pay outcomes to zero
Benefits & Perks
Overall Glassdoor rating: 3.6/5 stars. Compensation & benefits: 3.4/5. Work-life balance: 3.8/5.
Australia
United States (NYC)
United Kingdom (London)
Performance & Pay Progression
Annual performance reviews aligned to July financial year. Investment team assessed on benchmark outperformance; corporate team on individual and team outcomes.
Promotion Timeline & Hike
Performance Framework
Glassdoor Ratings
PayScale Average
Average AustralianSuper employee salary: A$131,464/yr (PayScale, 2025). Highest reported: A$183K/yr (corporate roles). Investment roles significantly higher but less frequently reported on salary aggregators.
Key Nuances & Insider Insights
What you won't find in the annual report — patterns, structural dynamics, and compensation realities at AustralianSuper.
Paul Schroder's A$1.74M is 100% fixed remuneration with no STI, LTI, or deferred incentives. This is highly unusual for a CEO managing A$410B+ in assets. By comparison, bank CEOs at comparable scale receive 40–60% of total comp as variable pay.
A Senior Investment Director earns A$520K+ base with up to 80% variable (IPPP), while a Senior Manager in operations earns A$265K with 25% variable. At equivalent seniority, investment roles pay 2–3x corporate roles. This creates significant internal tension.
The IPPP/OPP is limited to the Chief Investment Officer and investment team. All other Chiefs of Domain (7+ executives) are on fixed-only packages. This means the CRO, CTO, CFO, and Chief People Officer have zero variable pay. The CEO also receives zero.
As an industry fund, AustralianSuper faces constant media and political scrutiny over executive pay. CEO pay (A$1.74M) is ~20% of what a comparable bank CEO earns (CBA CEO: ~A$8.5M). This constrains talent attraction but aligns with the fund's ethos.
AustralianSuper pays global market rates in NYC ($470K–$570K for Senior Investment Directors) and London (£220K–£320K), while Melbourne-based peers in the same fund earn A$370K–$520K for similar roles. Currency-adjusted, NYC roles can earn 2x Melbourne.
Mark Delaney (CIO for 20+ years, managed growth from A$46B to A$410B) retiring June 2026. The replacement must manage A$410B+ across 4 asset classes globally, but the IPPP caps compensation vs PE/hedge fund alternatives. Finding a CIO willing to work under these constraints is challenging.
From FY25, AustralianSuper must publicly disclose remuneration for material risk takers, deferral mechanics, clawback policies, and any risk/conduct-related pay adjustments. This will reveal exactly how the fund compensates investment staff, potentially creating comparison pressure.
After years as the undisputed #1 in member inflows (+A$15.4B in 2022), AustralianSuper had −A$0.3B in competitive outflows in FY25. Members are switching to adviser-led platforms (HUB24, Netwealth). Investment underperformance (−1% vs median) and regulatory fines are eroding trust.
Some board director fees are paid directly to the ACTU (A$163K/yr) and other unions. This reflects the industry fund governance model where 50% of directors are nominated by unions. It's not corruption — it's structural — but creates potential conflicts of interest on compensation decisions.
Unlike banks (NAB, CBA) where 80%+ of staff are under Enterprise Agreements with guaranteed pay rises, AustralianSuper employees are on individual contracts. This gives the fund flexibility but provides less pay certainty for staff.
When AustralianSuper opened its first overseas office (Beijing, 2012), it had just 39 investment staff managing A$46B. Today, the investment team exceeds 300 across Melbourne, London, New York, and Beijing — managing A$410B+. This insourcing strategy is unique among Australian super funds.
ASIC fined AustralianSuper A$27M for failing to consolidate duplicate member accounts. The CEO's pay still rose from A$1.57M to A$1.74M. While the CEO's package is fixed (no bonus to claw back), the optics of a pay rise alongside a major regulatory fine raise governance questions.