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
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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