The superannuation industry is experiencing increasing structural change warranting closer attention on the part of the Australian Prudential Regulation Authority (APRA).
APRA has used its annual report tabled in Parliament to point to the gradual decline in net contributions reflecting Australia’s ageing population.
“This reflects Australia’s ageing population and the maturing of the superannuation system, as a growing number of members reach retirement age and begin to draw down on superannuation assets,” the regulator’s annual report said.
“This is slowly removing one of the superannuation industry’s two primary sources of growth [positive net contributions] and poses a structural challenge to funds’ ability to maintain and gain scale,” it said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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