POWERED BY MOMENTUM MEDIA
MySuper assets down 3.3%
Superannuation benefit payments for the year to June 2020 increased 31.2% than the previous year due to the early release of super scheme, leading to a decline of 0.6% of total super assets, according to data.
Australian Prudential Regulation Authority (APRA) data found total super assets in June 2020 stood at $2.86 trillion, compared to $2.88 trillion in June 2019.
APRA-regulated assets dropped 0.2% to $1.92 trillion, of which MySuper products dropped 3.3% to $731.3 billion.
“Quarterly benefit payments were $37.4 billion, significantly higher than the March 2020 quarter ($21.1 billion) and the June 2019 quarter ($20.5 billion) due to payments made under the Early Release Scheme which came into effect on 20 April 2020,” APRA said.
“Amounts transferred to the Australian Tax Office as inactive low balance accounts are also counted in the June 2020 benefit payments figure. Benefit payments for the year to June 2020 were 31.2% higher than to June 2019.”
APRA said key statistics for entities with more than four members for the year ended 30 June 2020:
|
|
June 2019 |
June 2020 |
|
|
Total contributions |
$114.7 billion |
$120.6 billion |
+5.2% |
|
Total benefit payments |
$76.5 billion |
$100.4 billion |
+31.2% |
Recommended for you
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment