POWERED BY MOMENTUM MEDIA
MySuper average balance $28,401
MySuper products were developed as the low-cost default for those people who opted not to engage in their superannuation and the latest Australian Prudential Regulation Authority (APRA) data suggests its targeting has been unerringly accurate.
The data, covering the 12 months to 30 June, reveals that MySuper member accounts were 50 per cent of total fund member accounts and that the average MySuper account balance increased by 17 per cent over the period from $24,284 to $28,401.
It found that the average MySuper account balance for women was $26,802 compared to $30,880 for men.
Importantly, the APRA data suggests that not only are MySuper products mostly hitting the target demographic , but fees and charges are being kept suitably in check.
It revealed that fees paid to MySuper products totalled $5.1 billion for the year ended 30 June 2015, with 96 per cent of fees paid by members and the remaining balance largely paid from reserves. The APRA analysis said insurance fees in the year ending 30 June 2015 totalled $3.0 billion, administration fees totalled $1.3 billion, and investment fees totalled $0.8 billion.
Recommended for you
Deloitte Access Economics has raised concerns about the government’s recent changes to the Future Fund’s investment mandate, questioning the necessity and implications of the reforms.
An industry body has praised the strong backing from institutional investors for Australia’s transition to renewable energy.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
