AUSTRALIA - The Superannuation Trust of Australia (STA) said funds under management had reached A$8bn, rising $1bn in the last 4 months alone.
Mark Delaney, chief executive of the STA said the results, taken after the introduction of choice legislation, were a positive reflection on the growth of industry superfunds.
“We have recorded significant increases across the board including new members and employers, contributions received and rollovers and we now have just under half a million members,” he said.
A key driver in STA growth is due to Food Super members having joined the STA in November as its first divisional fund, which added bringing 20 000 members and $135m to the fund.
According to results for the quarter to 30 September, the STA has achieved a 39% increase in funds under management compared to the same time last year, while total funds rolled and transferred into STA for the quarter were up by 236%.
Total contributions showed an increase of 95% compared with the same time last year, said Delaney.
“These results tell us that members new and current are making an active decision to put their retirement savings with STA, where the fees are consistently lower and the fund is run only to profit members.”
“The introduction of Choice brings challenges for most people, and for all of us in the superannuation industry, but STA is very well positioned to continue our growth,” Mr. Delaney said.
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