Superannuation assets in aggregate were $2,046 billion ($2 trillion rounded) at the end of the December 2015 quarter, slightly up from the previous quarter. Superannuation assets were just $1 billion under the all time record level of assets achieved in the March quarter 2015. Over the 12 months to December 2015, there was a 6.1 per cent increase in total superannuation assets.
Total assets in MySuper products were $449 billion at the end of the December 2015 quarter, up by 14.3 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: www.apra.gov.au/Super/Publications/Pages/Quarterly-MySuper-statistics.aspx
Accrued default amounts were $47.8 billion, down from $51.9 billion in the previous quarter. 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 December 2015 quarter were $25.3 billion, down 2.7 per cent from the December 2014 quarter. Total contributions for the year ending December 2015 were $103.9 billion.
Most employer contributions are now SG or for defined benefit with salary sacrifice only a small proportion of total employer contributions (10 per cent).
The APRA-regulated sector average for investment returns was 5.1 per cent over the year to the December quarter. This was across all investment options. The five year average annualised ROR to December 2015 was 7.4 per cent.
Outward benefit transfers exceeded inward benefit transfers by $1,275 million in the December 2015 quarter. The outflow to self-managed superannuation funds (SMSFs) was $1,740 million in the quarter, down from $1,811 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. Rollovers from retail funds to SMSFs were $919 million with rollovers from industry funds to SMSFs $479 million.
There were $15.7 billion in total benefit payments in the December 2015 quarter. Total benefit payments for the year ending December 2015 were $62.8 billion. For these APRA-regulated funds, in the December quarter pension payments were a little less than the aggregate amount of lump sums.
The number of APRA funds was largely unchanged during the December quarter. The number of corporate funds fell from 36 to 32 and there was an increase from 147 to 148 in the number of retail funds. Fund merger activity amongst major funds appears to be largely in abeyance for the time being in terms of completed mergers.