Confirmed: 125 fewer super funds in just 8 years
By the end of this year there will be 125 fewer Australian Prudential Regulation Authority (APRA) regulated superannuation funds than there were eight years ago.
That is the bottom line delivered by one the major superannuation industry lobby groups – the Association of Superannuation Funds of Australia.
According to ASFA, from June 2014 to June, 2022, a total of 115 funds exited the market – largely the result of merger activity.
“For the remainder of 2022, there are at least 10 fund mergers in train, which would bring the number of exits to 125 since 2014,” ASFA told the Australian Securities and Investments Commission.
“Conversely, only six new funds entered the market during this period – two of which subsequently closed.”
ASFA laid bare the declining number of superannuation funds being regulated by both ASIC and the Australian Prudential Regulation Authority as it sought an explanation of why funds were being levied more under the current industry funding model.
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