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.