APRA data confirms growth of SMSFs
The Australian Prudential Regulation Authority's (APRA) quarterly superannuation statistics for March 2013 have highlighted the continuing growth and strength of the self-managed super fund (SMSF) sector, according to Graeme Colley, director, technical and professional standards for the SMSF Professionals' Association of Australia (SPAA).
Colley pointed out that the March quarter had seen SMSF assets increase by $22 billion or 33.9 per cent of the total $68.4 billion increase in superannuation assets in this last quarter, an increase meaning that total assets in SMSFs now stand at $496.2 billion or about 31.5 per cent of the total $1.58 trillion superannuation pool.
"What these numbers say about SMSFs is positive on two fronts," he said.
"First, that the fund trustees and their professional advisers have not missed the upswing in the equity markets in this quarter or over the past year.
"The investment performance of the SMSF sector has been on a par or better than the other sectors," Colley continued.
"(And) second, that despite the market volatility of the past years post the GFC, people still want to take control of their superannuation and be responsible for it."
"This reflects both a growing awareness by trustees of superannuation, and their capacity to be able to get professional advice on all issues pertaining to the management of their SMSF."
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