Average pension account exceeds $200,000
The average pension account has exceeded $200,000 for the first time across the superannuation industry, according to data collected by research centre SuperRatings.
Furthermore, this figure is more than six times larger than the average accumulation account balance of $32,800.
SuperRatings chairman Jeff Bresnahan said growth in pension accounts is significant and might change the dynamic of the competition in the superannuation industry.
"Whilst the membership of the overall industry only grew 0.7 per cent last year, pensions actually grew by 17 per cent," Bresnahan said.
"It is quite clear that, while the battle has always been fought around the accumulation members, the real battleground going forward is the fight for the pension dollars."
As a result, pension products across both non-for-profit and retail super funds were constantly improving, Bresnahan said.
"Historically, a lot of the non-for-profit funds in particular had very inflexible structures that didn't really suit a lot of people," Bresnahan said.
"They're becoming aware that you can't build a one-size-fits-all pension product."
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