Super size me
Jeff Bresnahan
The big are just getting bigger when it comes to superannuation fund inflows, according to Sydney-based ratings house SuperRatings.
The SuperRatings 2006-07 Asset and Membership survey reveals that the top three superannuation funds in Australia, Australian Super, UniSuper and QSuper, all showed asset growth of over $4 billion for the financial year.
At the same time, the survey revealed that the last financial year had also been a bumper year in terms of membership growth for many funds.
The survey revealed that the fund with the highest percentage membership growth was the Commonwealth public service-based PSS Accumulation Plan, where membership rose by 137 per cent, while the highest actual membership growth was Australian Super, where membership rose by 112,151.
Where assets were concerned, the highest percentage asset growth came from AGEST with 57 per cent growth, while the highest asset growth in dollar terms came from AustralianSuper, rising by $8.17 billion.
Commenting on the data, SuperRatings managing director Jeff Bresnahan said 2006-07 had reversed a downward trend to show membership growth jumping to 7 per cent for the year.
He said that once again, however, it had been the big funds that had dominated, with AustralianSuper, REST and Hostplus averaging growth of over 100,000.
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