Platforms super influence grows
Platforms now account for nearly a third of all choice superannuation product assets, according to the latest data from the Australian Prudential Regulation Authority (APRA).
The APRA data covering the December quarter, reveals that Australian superannuation fund member assets now stand at $2.56 trillion, with more than half of those assets held in choice products.
But it is the rising influence of platforms which has stood out in the APRA data, with investments via platform products accounting for $372.1 billion in assets, representing 27.9% of all choice product assets.
The data is important because it reflects the challenge confronting APRA as it moves towards applying the superannuation performance test to choice products.
The APRA data confirms that that there are fewer but larger superannuation accounts in the choice sector, with 7.5 million account-holders invested across a choice of 792 products representing $1,336 billion in in assets.
This compares to 14.9 million member accounts across 56 MySuper products which account for $1,076 billion on assets.
The APRA data reveals the average member account balance in MySuper products stands at just $72,000 compared to $136,000 in choice accumulation products, and $233,000 in choice transition to retirement products.
I think these numbers are too low. Especially if you live in major cities. I try to ensure none of…
Are Interprac / Sequoia going to pay the 10’s of $$ millions in AFCA complaints ? Even after Macquarie &…
Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
Every day I come on here it feels like it is just the SMC trying to lobby to make one…