Small superannuation funds, including self managed entities, continue to show the strongest growth according to the latest statistics released by theAustralian Prudential Regulation Authority.
The latest edition of APRA’s Super Trends publication covering data for the December quarter of 2003 says that small superannuation funds grew by 8.1 per cent, followed by 6.6 per cent growth by industry funds, 4.3 per cent growth by public sector funds and 4.2 per cent by retail funds.
The APRA data also shows that assets invested directly grew by 6.4 per cent over the period while assets invested with investment managers and life office statutory funds increased by 1.9 per cent and 1.3 per cent respectively.
Total superannuation assets in Australia increased by 3.3 per cent over the quarter to $565.9 billion.
Reflecting some of the reasons behind the Government’s recent retirement incomes policy announcement, the APRA data shows that superannuation contributions rose by 1.7 per cent over the quarter to $14.8 billion, with employers contributing $9.3 billion and members contributing $5.5 billion.
At the same time, lump sum payments decreased by 12.5 per cent and pension payments increased by 7.3 per cent, leading to an overall decrease in benefits payments of 7.9 per cent over the quarter.
When it came to investment during the quarter, assets in cash and deposits grew by 6.2 per cent over the quarter followed by equities and units in trusts which increased by 5.2 per cent.
