AUSTRALIA - Self managed superannuation funds are the fastest growing section of the Australian superannuation system, making up 99% of all super funds, according to new statistics from the Australian Taxation Office (ATO).
Releasing its superannuation statistics for 2003-04, ATO said some 27,091 new self managed funds were established during the year, bringing the total number to 296,339.
Self managed funds represent 99% of all super funds, however ATO said they represent only 2% of total superannuation member accounts.
In its report, ATO noted that self managed funds manage 22% of the total assets in the Australian superannuation system, or AUS$135bn of a total AUS$625.2bn, ATO noted.
According to the statistics, in June 2004, 90% of employees had some form of superannuation coverage.
Employers contributed some AUS$38bn to member accounts while scheme members contributed AUS$20bn. Funds paid out AUS$29.5bn in benefit payments to members
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.