MySuper products more than double

There has been a significant spike in the number of funds taking up MySuper products, with assets soaring 128.2 per cent over the 12 months to September 2014, sitting at $378.1 billion at the end of the September 2014 quarter.

The Australian Prudential Regulation Authority (APRA) quarterly superannuation statistics also showed super assets jumped 9.6 per cent over the 12 months to September, sitting at $1.87 trillion at the end of the September 2014 quarter.

The proportion of assets in a MySuper product is 33 per cent, up from 16 per cent in the September 2013 quarter.

Of the total assets in MySuper, $114 billion was with a lifecycle strategy.

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There are 116 MySuper products in total, of which 28 was in a lifecycle strategy. The number of funds with a MySuper offering stands at 103, which is 40 per cent of all funds.

Contributions in entities with more than four members stood at $23.6 billion in the September 2014 quarter, up 7.2 per cent from the September 2013 quarter. Total contributions for the year ending September totalled $96.8 billion.

Outward benefit transfers surpassed inward benefit transfers by $471 million. There were $15.1 billion in total benefit payments, up 10.9 per cent from the previous year. Total benefit payments ending September 2014 were $57.1 billion.

Equities remain the favoured asset class for investors, with 51 per cent invested in them, while 33 per cent were invested in fixed income and cash, and 12 per cent were invested in property and infrastructure.

A further 4 per cent were invested in other assets, including hedge funds and commodities.

APRA said the annual rate of return for funds was 8.2 per cent for the year ending 30 September.

For the five years to September, the annualised geometric-average rate of return was 6.9 per cent.