Total superannuation assets increased by 17.5% over the last year to $3.4 trillion, according to the Australian Prudential Regulation Authority (APRA).
Contributions increased by 11.6% for the year ending 30 September, 2021, totalling $134.1 billion.
Employer contributions totalled $100.6 billion, of which $74.2 billion was from super guarantee contributions.
Member contributions increased 43.6% to $33.5 billion while personal contributions increased 45% to $31.2 billion.
APRA said member contributions made in the three months to September 2021 reduced from the June quarter but “have persisted to remain at a higher level than long-term trend”.
Benefit payments totalled $81.8 billion which was a decline of 27.1% for the year while lump sum payments totalled $42.5 billion.
This was a decline of 41.2% in lump sum payments over the year which APRA said reflected benefit payments returning to historically average levels and removing the effects of the early release of super scheme last year.
Trends for entities for more than four members for the year ended 30 September 2021
Source: APRA
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.
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