The growth in assets of Australian Prudential Regulation Authority (APRA)-regulated superannuation funds outstripped that for Self-Managed Superannuation Funds (SMSFs) during the March quarter, according to the latest APRA superannuation statistics.
The data, released today, reveals that total superannuation assets increased by 6.7 per cent to reach $2,782 trillion, of which $1,836 was held by APRA-regulated funds, compared to $746.6 held by SMSFs.
However, the same data revealed the continuing pattern of the contributions declining as members exit and begin decumulation.
The statistics showed a 2.7 per cent decline in total contributions for the year ended March, to $113.2 billion with a commensurate increase in benefit payments to $75.1 billion.
Net contribution flows declined by 10.2 per cent over the period to $35.4 billion.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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