Members’ benefits and changes in equity Members’ benefits Members’ funds represent benefits accrued to members at 30 June 2021. Statement of changes in members’ benefits for the year ended 30 June 2021 2021 2020 $’000 $’000 Opening balance of members’ benefits 52,598,985 50,997,546 Add Contributions received 4,043,541 3,800,796 Transfers from other superannuation funds 1,108,598 1,715,062 Net investment income 9,746,552 307,899 Insurance proceeds 263,470 300,945 Less Benefits paid to members/beneficiaries (3,528,975) (3,625,360) Administration and other fees (173,810) (97,733) Insurance premiums charged to members (320,608) (281,589) Income tax on contributions (536,610) (518,581) Closing balance of members’ benefits 63,201,143 52,598,985 Statement of changes in equity for the year ended 30 June 2021 General Administration Insurance Operational Total reserve reserve reserve risk reserve equity $’000 $’000 $’000 $’000 $’000 Balance as at 30 June 2019 39,538 – 210,527 143,896 393,961 Balance as at 30 June 2020 96,020 20,916 169,313 145,889 432,138 Net transfers (to)/from reserves – 13,315 – (13,315) – Operating result after income tax (69,949) (3,273) (33,827) 26,308 (80,741) Balance as at 30 June 2021 26,071 30,958 135,486 158,882 351,397 Annual Integrated Report 2021 61