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
Croydon sets up asset-backed funding to reduce pension contributions
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Half of pension scam red flags raised by schemes involves advisers, finds survey
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
Norfolk Pension Fund wins rare US securities fraud class action case
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.
Have your say: Should CEOs have to pay into the same staff DB scheme as their workers?
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.
Most read
