Superannuation assets in aggregate were $2,032 billion ($2 trillion rounded) at the end of the March 2016 quarter, slightly down from the previous quarter. Over the 12 months to March 2016, there was a 0.6 per cent decrease in total superannuation assets.
Total assets in MySuper products were $453 billion at the end of the March 2015 quarter, up by 7.7 per cent from a year earlier.
Detailed MySuper statistics, including asset allocation benchmarks and information on product fees by specific MySuper offering, are available from: APRA
Accrued default amounts continue to fall and were $43.3 billion, down from $65.6 billion a year earlier. Retail funds are responsible for the bulk of the remaining accrued default amounts. In September 2015 there were 2.5 million member accounts in total, that included an accrued default amount.
Contributions to funds with more than four members over the March 2016 quarter were $24.0 billion, up 0.6 per cent from the December 2015 quarter. Total contributions for the year ending March 2016 were $104 billion.
Most employer contributions are now superannuation guarantee (SG) or for defined benefit with salary sacrifice only a small proportion of total employer contributions (less than 10 per cent). A reduction in concessional contribution caps as proposed in the May 2016 Budge would be likely to reduce this proportion further.
The APRA-regulated sector average for investment returns was -1.5 per cent over the year to the March quarter. This was across all investment options. The five year average annualised ROR to March 2016 was 6.7 per cent.
Outward benefit transfers exceeded inward benefit transfers by $1,264 million in the March 2016 quarter. The outflow to self-managed superannuation funds (SMSFs) was $1,569 million in the quarter, down from $1,763 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 $16.0 billion in total benefit payments in the March 2016 quarter. Total benefit payments for the year ending March 2016 were $64.3 billion. For these APRA-regulated funds, in the March quarter pension payments exceeded the aggregate amount of lump sums by around $1.5 billion.
The number of APRA funds was unchanged during the March quarter. Fund merger activity amongst major funds has stalled for the time being in terms of completed mergers.