Statistics issued December 2014
Download: Superannuation Statistics
Superannuation assets totalled $1.87 trillion at the end of the September 2014 quarter, a new record. Over the 12 months to September 2014, there was a 9.6 per cent increase in total superannuation assets.
Total assets in MySuper products was $378.1 billion at the end of the September 2014 quarter. Over the 12 months to September 2014, there was a 128.2 per cent increase in total assets of MySuper products – MySuper was ramping up over the period.
Accrued default amounts are down from $78 billion to $70 billion. APRA does not indicate in which funds the accrued default amounts are.
In APRA-regulated funds, there were $23.6 billion of contributions in the September 2014 quarter, up 7.2 per cent from the September 2013 quarter ($22.0 billion). This increase is above wages and employment growth, with the increase in the Superannuation Guarantee (SG) playing a part. New figures from APRA show that most employer contributions are now SG or for defined benefit with salary sacrifice only a small proportion (7 per cent).
The APRA-regulated sector average for investment returns was a healthy 8.2 per cent over the year to the September quarter.
Total contributions for the year ending September 2014 were $96.8 billion for the APRA-regulated funds.
Outward benefit transfers exceeded inward benefit transfers by $471 million in the September 2014 quarter. The outflow to self-managed superannuation funds (SMSFs) was $1,755 million in the quarter (a new number so nothing to compare it with). However, this is not large compared to the size of the SMSF sector and is not really driving growth of that sector.
There were $15.1 billion in total benefit payments in the September 2014 quarter, an increase of 10.9 per cent from the September 2013 quarter ($13.7 billion). Total benefit payments for the year ending September 2014 were $57.1 billion. For the APRA-regulated funds, lump sums exceeded pension payments.
Insurance premiums in aggregate were up 21 per cent in the quarter compared to a year earlier. Growth in the number of individuals covered along with growth in premium rates are responsible for this.
The number of APRA-regulated entities increased by one, so there is no evidence of merger activity in the quarter.