Industry funds boost assets
Despite talks of member outflows to self-managed super funds (SMSFs), industry funds have achieved the largest asset boost of all sectors in the last financial year, according to figures released yesterday by the Australian Prudential Regulation Authority (APRA).
The regulator's Annual Superannuation Bulletin for the last financial year shows industry funds' assets increased by 21.5 per cent, which represents a significantly larger increase than that of other sectors, including public sector funds, retail and corporate funds, as well as small funds.
However, the number of industry fund member accounts decreased by 140,000 over the period.
"This reduction in member accounts coincides with the amendment of the Superannuation (Unclaimed Money and Lost Members) Act 1999 which came into effect in 2013," APRA said in its report.
However, the number of member accounts across the superannuation industry decreased slightly, with small funds being the only sector to experience a boost in member accounts.
The number of SMSFs grew by 7.1 per cent during the year, while APRA-regulated entities with more than four members decreased by 8.4 per cent.
The data also shows small funds had a 15.5 per cent increase in assets in the 2012/13 financial year, on par with public sector funds and slightly more than retail and corporate funds.
"As at 30 June 2013, small funds held the largest proportion of superannuation assets, accounting for 31.4 per cent of total assets," the report said.
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