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Industry funds most affected by auto-consolidation
Industry funds stand to be amongst those most affected by auto-consolidation, according to Australian Institute of Superannuation Trustees expert David Haynes.
Addressing the Conference of Major Superannuation Funds in Brisbane, Haynes acknowledged that given the growth in group life premiums in the industry funds segment, it was likely they would be most affected.
This was in circumstances where industry funds were the fastest growing segment with respect to life premiums.
Haynes said consolidation in the number of super accounts was imperative in circumstances where there were 28 million super accounts in Australia for just 11 million workers.
He said the challenge had been to find ways of reducing the number of accounts to a reasonable level while at the same time addressing account proliferation.
AUTHOR
Mike Taylor
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