26 September 2023

APRA report finds superannuation super

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The Australian Prudential Regulation Authority (APRA) has reported that the assets in public sector superannuation schemes reached $147 billion last financial year.

In its Annual Superannuation Bulletin to 30 June 2020, APRA said total superannuation industry assets were $2.9 trillion, of which public sector funds held 23.6 per cent.

“There were 88 MySuper products offered by 74 registrable superannuation entities (RSEs) and with total assets of $745.2 billion at 30 June 2020, representing 38.6 per cent of assets held by APRA-regulated superannuation entities,” the Authority said.

“Total members’ benefits flows into MySuper products for the year ended 30 June 2020 were $114.0 billion, including $49.3 billion from employer contributions and $7.0 billion from member contributions,” it said.

“Total members’ benefits flows out of MySuper products for the year ended 30 June 2020 were $79.8 billion, including benefit payments of $26.8 billion.”

APRA said fees paid from MySuper products totalled $2.7 billion, with 85.3 per cent of fees paid by members and the remaining balance largely paid from reserves.

It said MySuper insurance fees totalled $58 million, administration fees $1.6 billion and investment fees $1.0 billion.

“The remaining fees paid comprised activity fees, advice fees, exit fees and other fees,” it said.

APRA said the average MySuper account balance increased by 2.4 per cent over the year, from $47,338 to $48,496.

It said the average MySuper account balance was $44,745 for women and $52,224 for men.

APRA’s three-part Annual Superannuation Bulletin, as well as a seven-page ‘highlights’ document can be accessed at this PS News link.

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