Super funds will have to work even harder to keep their members, as one-third of them have expressed a desire to set up their own self-managed superannuation fund (SMSF) in the future.
These figures emerged from a recent report published by CoreData, which also revealed that people inclined towards SMSFs tend to be wealthy, so “the impact of these high balance account holders withdrawing from their funds would be rather substantial”.
The latest Australian Prudential Regulation Authority data revealed assets in SMSFs increased by 0.5 per cent to $332.3 billion in the year to June 2009, meaning SMSFs accounted for 31 per cent of the $1.07 trillion held in the super system.
The research house also noted that the proportion of assets in SMSFs grew rapidly during the global financial crisis, with recommendations by advisers and accountants and a “desire for control” being two main drivers of SMSF growth.
