Corporate fund assets continue to decline

Industry fund assets and net rollovers increased over the December quarter as a result of two corporate funds merging with two industry funds, according to the Australian Prudential Regulation Authority's (APRAs) quarterly superannuation statistics.

Total estimated superannuation assets increased to $1.51 trillion in the December 2012 quarter, adding to a 14.6 per cent increase over the 12 months to December 2012.

Industry funds' assets increased by 4.8 per cent in the December quarter, while self-managed super fund (SMSF) assets increased by 3.9 per cent, retail fund assets by 3.2 per cent and public fund assets by 2 per cent.

But corporate sector funds' assets decreased by 0.9 per cent in the December quarter.

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Industry funds received $1.67 billion of net rollovers while retail, public sector and corporate funds recorded negative rollovers of $0.49 billion, $0.65 billion and $2.67 billion respectively.

Of the $21.9 billion in total contributions received in the December quarter, only $0.9 billion were collected by corporate sector funds.

Public sector funds garnered $7.5 billion in contributions, industry funds $6.9 billion and $6.6 billion went to retail funds.

Employers contributed the lion's share at 81.8 per cent of contributions. Member contributions made up 16.6 per cent of total contributions, while other contributions were 1.6 per cent of total contributions.

Last October, Deloitte actuaries and consultants partner Wayne Walker said there had been a clear shift in membership away from corporate funds (3.3 per cent to 1.7 per cent) and from retail funds (40.6 per cent to 33.7 per cent) to industry funds (35.7 per cent to 39.6 per cent) between 2004 and 2011.

He said the corporate fund sector had contracted by 90 per cent since 2004.