Industry funds most affected by auto-consolidation

21 March 2012
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

8 hours 33 minutes ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

11 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

11 hours 12 minutes ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND