Assets in superannuation have increased by 11.2% over the twelve months to March 2017, to $2.3 trillion, according to the latest APRA statistics.
As at March 2017 there was $1,400.8 billion in APRA-regulated superannuation funds, an increase of 12.1%. This includes $555.0 billion in MySuper products, an increase of 22.6%.
At the same date there was $674.7 million in SMSFs – an increase of 12.8%.
“The annual industry-wide rate of return (ROR) for entities with more than four members for the year ending March 2017 was 10.5 per cent. The five year average annualised ROR to March 2017 was 8.6 per cent,” said APRA.
Regarding large APRA-regulated super funds (those with more than four members) there was $26.9 billion of contributions in the March 2017 quarter, up 12.3% from the same quarter last year.
Total contributions for the year ended 31 March 2017 were $106.7 billion (up 2.6%) and total benefit payments were $70.4 billion, up 11.4%.
Total benefit payments in the quarter were up 21.3% compared to a year earlier, to $18.8 billion. This was split 54.8% lump sum and 45.2% pension, compared to 52.4% lump sum and 47.6% pension for the year ending March 2017.
Outward benefit transfers were $0.6 billion higher than inward benefit transfers in the quarter.
Net contribution flows – calculated as contributions plus net benefit transfer less benefit payments – were $7.6 billion in the quarter, up 10.0% from a year earlier. Net contribution flows for the year ending March 2017 were $31.6 billion.