Superannuation assets near $800bn
AUSTRALIA - Total superannuation assets now stand at AUS$791.5bn, an increase of 6.7% over the September 2005 quarter, according to the Australian Prudential Regulation Authority (APRA).
APRA’s September 2005 edition of Quarterly Superannuation Performance said this represented a 22.4% increase over the 12 months to September 2005. Industry funds’ showed the strongest growth during the quarter with assets increasing by 8.8% ($9.9bn) to $122.8bn. Retail fund assets grew by 6.4% ($15.9bn) to $263.8bn. Public sector fund assets grew by 5.9% ($7.5bn) to stand at $135.9bn. Corporate fund assets grew by 4.9% ($3.2bn) to $68.6bn during the September quarter.
As at 30 September 2005, retail funds accounted for 33.3% of total superannuation assets, followed by self-managed superannuation funds with 22.7%, public sector funds with 17.2%, industry funds with 15.5% and corporate funds 8.7%. Small APRA funds held 0.5%.
APRA recorded $13.7bn of contributions in the September 2005 quarter. Retail funds led again receiving $6bn, with $3.4bn to public sector funds, $3.3bn to industry funds and $1bn to corporate funds.
During the quarter, 66.9% ($9.1bn) of total contributions came from employers, member contributions accounted for 32.3% ($4.4bn), while spouse contributions and government co-contributions accounted for 0.8% ($116m).
Benefit payments totalled $7.3bn during the quarter.
The return on assets for the quarter was 5.3%. Corporate funds generated a 5.9% return, public sector funds 5.7%, industry funds 5.3% and retail funds 5%.
As at 30 September, 29.4%of superannuation assets was invested in wholesale trusts, 24.2% in life insurance companies, and 21.3% in individually managed mandates.
Of the remainder, 8% was held in pooled superannuation trusts, 5% in other investments including overseas and leased assets, 5.9% was directly invested, and 5.6% was held in unlisted public offer unit trusts. APRA found that less than 1% was held in receivables and deferred tax assets.
The analysis was based on superannuation entities with at least $50m in AuM, which are required to lodge quarterly returns to APRA.
Latest stories
Court blocks £12bn annuity transfer from Prudential to Rothesay Life
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and capital backing.
Five stories you may have missed this week
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST joins Star Initiative as Opperman urges other to follow suit
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
What is value for money in DC pensions?
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.
Most read
