Superannuation assets totaled $1.94 trillion at the end of the December 2014 quarter, a new record. Over the 12 months to December 2014, there was a 9.3 per cent increase in total superannuation assets.
APRA has recommenced providing sub-totals for assets held by each of the corporate, industry, retail and public sector fund sectors. This has involved some reclassifications compared to earlier figures based on self identification of fund type. There are now only 34 standalone corporate funds identified in the APRA statistics and the number of industry funds is down to 42.
Total assets in MySuper products were $392 billion at the end of the December 2014 quarter, up from $373 billion in the previous quarter.
There also are a range of new MySuper statistics published, including figures for various product fees by specific MySuper offering, including the number of employers and employees to which they apply: http://www.apra.gov.au/Super/Publications/Pages/Quarterly-MySuper-statistics.aspx
Accrued default amounts were largely unchanged at $72.7 billion compared to the previous quarter and have been static over the last few quarters. APRA does not indicate in which funds the accrued default amounts are present.
Contributions to funds with more than four members over the December 2014 quarter were $26.1 billion, up 15.3 per cent from the December 2013 quarter ($22.7 billion). Total contributions for the year ending December 2014 were $100.6 billion.
This increase in contributions is well above wages and employment growth, with the increase in the Superannuation Guarantee (SG) playing a part. Most employer contributions are now SG or for defined benefit with salary sacrifice only a small proportion (9 per cent).
The APRA-regulated sector average for investment returns was a healthy 7.9 per cent over the year to the December quarter.
Outward benefit transfers exceeded inward benefit transfers by $979 million in the December 2014 quarter. The outflow to self-managed superannuation funds (SMSFs) was $1,588 million in the quarter, down from $1,717 million in the previous quarter.. However, this is not large compared to the size of the SMSF sector and is not really driving growth of that sector.
There were $15.2 billion in total benefit payments in the December 2014 quarter, an increase of 9.4 per cent from the December 2013 quarter ($13.9 billion). Total benefit payments for the year ending December 2014 were $56.4 billion. For these APRA-regulated funds, lump sums exceeded pension payments.