Superannuation assets have started to normalise to pre-early release to superannuation scheme levels with assets totalling $3.3 trillion at the end of the June 2021 quarter, according to data.
Data from the Australian Prudential Regulation Authority (APRA) found this was a 14.7% increase in the value of total super assets due to strong investment performance and positive contributions to growth.
APRA said total contributions ($127 billion) increased 5% for the year ending June 2021. Over this period, employer contributions ($98.5 billion) increased 1.9%, of which superannuation guarantee contributions ($74.1 billion) increased 4.3%. Member contributions ($28.5 billion) increased 17.1%, of which personal contributions ($26.5 billion) increased 17.3%.
The data also found total benefit payments ($94.4 billion) declined 5.5% for the year ending June 2021.
“Over this period, lump-sum payments ($55.8 billion) declined 5.3%, and pension payments ($38.6 billion) declined 5.8% representing normalisation to pre-early release scheme levels,” APRA said.
“Consequently, net contribution flows were $34.2 billion for the year ending June 2021, a 44.3% increase over the previous year.”
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.
Add new comment