POWERED BY MOMENTUM MEDIA
Assets up, member numbers down
While all sectors of the superannuation industry had a solid boost in assets over the 2013 financial year, the self-managed super fund (SMSF) sector was the only sector to increase member numbers, according to figures released yesterday by the Australian Prudential Regulation Authority (APRA).
APRA's Annual Superannuation Bulletin for the financial year to 30 June 2013, revealed total superannuation assets increased by $219.8 billion — or 15.7 per cent — $1.6 trillion.
Industry funds had the largest asset increase of all sectors over the period (21.5 per cent), followed by small funds — which include self-managed super funds (SMSFs) at 15.5 per cent. Public sector funds are on par with small funds, while retail and corporate funds' assets grew by 13.9 per cent and 9.1 per cent respectively.
However, member accounts across the industry slightly decreased over the year, with SMSFs being the only sector to experience an increase in this area.
"This reduction in member accounts coincides with the amendment of the Superannuation (Unclaimed money and lost members) Act 1999 which came into effect in 2013," APRA's report read.
Industry super fund member accounts decreased by 140,000 over the year, public sector funds by 35,000, corporate sector by 38,000 and retail by 939,000.
Meanwhile, the number of small fund member accounts grew from 904,000 in 2012 to 968,000 as of 30 June last year.
Furthermore, the number of SMSFs grew by 7.1 per cent during the year, while APRA-regulated entities with more than four members decreased by 8.4 per cent.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
