The first wave of new superannuation data collected and distributed by the Australian Prudential Regulation Authority (APRA) can only add to debate around disclosure rules for super funds.
APRA's annual superannuation bulletin now has data that includes the composition of fund directorships by gender and independence; expenses to internal and external service providers by type of service; gender and age average balances across all funds excluding SMSFs; and a summary of insurance results by type of fund.
The annual MySuper statistics now also include financial performance and fee flows within products; membership growth and account flows; a profile of insurance take up rates within products by membership; and membership demographic by age and gender and benefit bracket.
According to the annual superannuation bulletin, the rate of return for the year ending June 2015 was 8.9%. The five year average annualised rate of return was 8.4% and the 10 year average annualised rate of return was 5.6 %.
About $1.25 trillion was held in APRA-regulated super funds and $590 billion in self-managed superannuation funds (SMSFs) which are regulated by the Australian Taxation Office (ATO). About $130 billion comprised exempt public sector superannuation schemes.
SMSFs and small APRA funds accounted for 29.3% of total assets; retail funds held 26.5%, industry funds held 21.5%, public sector funds 17.3% and corporate funds held 2.7%.
Fees paid totalled $12.6 billion for the year, with 95% per cent of fees paid by members and the remaining balance largely paid by employer sponsors or from reserves.
Insurance fees in the year ending totalled $4.2 billion, administration fees $3.9 billion, investment fees $2.5 billion, activity fees $900 million and advice fees $600 million.
Expenses paid to service providers totalled $9.1 billion for the year, with 85% paid to external service providers and 15% paid to internal service providers.
It is often said by equity managers with a mandate to scour the entire globe for investment ideas that getting the geographic allocation right in any given year is the most important driver of returns.
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