Increases in estimated total assets for the superannuation industry have contracted in the 2011-12 financial year, compared to last year according to the Australian Prudential Regulation Authority (APRA) which reported an increase of $49.6 billion for the year to 30 June 2012, compared to an increase of $131.5 billion in the 2010-11 financial year.
Total assets for the superannuation industry increased 0.3 per cent over the June quarter contributing to a 3.7 per cent rise in total estimated assets for the 2011-12 financial year.
Total estimated assets which included self-managed super funds and the balance of life office statutory funds increased to $1.40 trillion over the year to 30 June 2012, growing total superannuation assets by $0.66 trillion since 30 June 2011.
During the June quarter, public sector funds' assets increased by 1.9 per cent to $222.2 billion, industry funds increased 0.6 per cent to $266 billion, while retail funds and corporate funds' assets decreased by 1.3 per cent ($4.7 billion) and 2.0 per cent ($1.1 billion) respectively.
Industry funds received $151 million of net rollovers in the June quarter, while corporate funds had negative net rollovers of $477 million, public sector reported negative rollovers of $728 million and retail funds had negative net rollovers of $762.
Outward rollovers exceeded inward rollovers over the year.
The annual industry-wide rate of return (ROR) for quarterly reporting funds was 0.4 per cent for the 2011-12 financial year, compared to 0.9 per cent for the 2010-11 financial year.
The quarterly RORs for each fund as a whole to 30 June 2012 were -0.9 per cent for public sector funds, -1.2 per cent for industry funds, -1.5 per cent for corporate funds and -1.8 per cent for retail funds.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.