No accrued default products left
The $10 billion of accrued default product assets that were left in March 2017 have been reduced to $0 as they have all been driven to MySuper products by the end of the June 2017 quarter.
According to the Australian Prudential and Regulation Authority’s (APRA’s) latest quarterly superannuation statistics reports, total assets in MySuper products totalled $594.7 billion at the end of the June 2017 quarter.
“Over the 12 months from June 2016 there was a 25.5 per cent increase in total assets in MySuper products,” the report said.
By the end of the June 2017 quarter super assets totalled #2.3 trillion, and over the 12 months from June 2016 there was a 10 per cent increase in totally super assets.
MySuper products now account for 41.1 per cent of total APRA-regulated assets, up 4.1 per cent since the end the June 2016 quarter.
The APRA report also found that the total number of MySuper products has remained unchanged since the March 2017 quarter of 111.
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