The manager of a sub-scale superannuation fund that rebranded after it was banned from taking on new members when it twice failed regulatory performance tests paid itself $5 million in dividends in as many years.

AMG Super, a small for-profit vehicle that manages roughly $1.5 billion across a series of investment options, shut down its MySuper product to new members last year as it failed the Australian Prudential Regulation Authority’s performance test for the second year running.