Industry funds win rollovers
Tougher times appear to have impacted on the willingness of Australians to utilise the Government’s superannuation co-contribution regime, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The APRA data covering the June quarter revealed that while member contributions accounted for $24.3 per cent or $5.6 billion in total contributions for the period, other contributions such as spouse contributions and government co-contributions accounted for just 1 per cent of total contributions to be worth $238 million for the three-month period.
Despite this, total estimated superannuation assets in Australia increased by 6.4 per cent to $1.08 trillion for the quarter, although they declined by 5.7 per cent over the 12-month period.
While self-managed superannuation funds (SMSFs) and retail funds continued to hold the largest proportion of assets for the quarter, industry funds emerged as the major beneficiaries where rollovers were concerned.
The APRA data revealed that industry funds had received $311 million of net rollovers compared to $70 million for retail funds.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
