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.
Amid Australians’ growing penchant for seamless digital experiences, an industry professional believes the most successful superannuation funds will be looking to leverage technology for their members in a number of ways.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
Add new comment