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APRA releases Quarterly Superannuation Performance and MySuper Statistics for December 2014

Thursday 19 February 2015

 

15.03

The Australian Prudential Regulation Authority (APRA) today released its December 2014 Quarterly Superannuation Performance publication and December 2014 Quarterly MySuper Statistics report.

As part of fulfilling its obligations to publish quarterly information in relation to MySuper products under section 348A of the Superannuation Industry (Supervision) Act 1993, APRA has expanded its December 2014 Quarterly MySuper Statistics report to include an additional 55 new items on fees disclosed, which represent the fees required to be disclosed in Product Disclosure Statements (PDS).

The new items on fees and costs disclosed include data on: indirect cost ratio, administration fees, advice fees, insurance fees, exit fees, buy and sell spread, switching fees, administration fee levels, lifecycle investment fee levels, activity fees and insurance premiums.

At 31 December 2014, total assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.93 trillion, an increase of 9.3 per cent from the December 2013 quarter.

Contributions to funds with more than four members over the December 2014 quarter were $26.1 billion, up 15.3 per cent from the December 2013 quarter ($22.7 billion). Total contributions for the year ending December 2014 were $100.6 billion.

There were $15.2 billion in total benefit payments in the December 2014 quarter, an increase of 9.4 per cent from the December 2013 quarter ($13.9 billion). Total benefit payments for the year ending December 2014 were $56.4 billion.

Net contribution flows (contributions plus net rollovers less benefit payments) totalled $10 billion in the December 2014 quarter, an increase of 14.9 per cent from the December 2013 quarter ($8.7 billion). Net contribution flows for the year ending December 2014 were $39.4 billion.

Refer to the Quarterly Superannuation Performance and Quarterly MySuper Statistics publications.

Statistics

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Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.