Statistics issued February 2014
Download: Superannuation Statistics
APRA has released its December 2013 Quarterly Superannuation Performance publication.
- Total estimated assets, which include the assets of self-managed superannuation funds (SMSFs) and the balance of life office statutory funds, rose to $1.8 trillion at 31 December 2013, an all time record.
- Contributions to funds with at least $50 million in assets over the December 2013 quarter were $22.7 billion. Total contributions for the year ending December 2013 were $91.5 billion, down 0.9 per cent from the previous year ($92.3 billion). Contributions have remained flat, with relatively low nominal wages growth over the year of around 2.5 per cent and lower for some groups, and contribution caps limiting contributions as well.
- Outward rollovers exceeded inward rollovers by $50 million in the December quarter. This is basically flows to SMSFs. Not a big amount this quarter, and well down on the $2.1 billion outflow in the December quarter 2012.
- There were $13.8 billion in total benefit payments in the December quarter. Total benefit payments for the year ending December 2013 were $53.3 billion, an increase of 7.7 per cent from the previous year ($49.4 billion). Basically there are more retirees and more in account balances for them to withdraw.
- The annual industry-wide rate of return (ROR) for entities with over $50 million in assets for the year ending 31 December 2013 was 15.1 per cent. The industry-wide ROR for entities with over $50 million in assets for the December 2013 quarter was 3.7 per cent. These are in line with rating agency estimates.
- The number of superannuation funds with more than four members fell from 317 in the September quarter to 310 in the December quarter. Successor fund closures continue, particularly in smaller corporate funds.