Regulator

APRA releases quarterly superannuation statistics to 30 December 2013

The Australian Prudential Regulation Authority (APRA) has released its
December 2013 Quarterly Superannuation Performance publication. Total
estimated assets, which include the assets of self-managed superannuation funds
and the balance of life office statutory funds, rose to $1.8 trillion at 31
December 2013.

Contributions to funds with at least $50 million in
assets over the December 2013 quarter were $22.7 billion. Total contributions
for the year ending December 2013 were $91.5 billion, down 0.9 per cent from the
previous year ($92.3 billion).

Copies of the publication are available on APRA’s website at:
www.apra.gov.au/Super/Publications/Pages/quarterly-superannuation-performance.aspx

APRA releases annual superannuation statistics to 30 June 2013

The Australian Prudential Regulation Authority (APRA) has released its Annual Superannuation Bulletin for the financial year to 30 June 2013. Total superannuation assets increased during the year by $219.8 billion, or 15.7 per cent, to $1.62 trillion.

During this period, industry funds’ assets increased by 21.5 per cent.Small funds’ assets, which include self-managed super funds (SMSFs), single-member approved deposit funds and small APRA funds, increased by 15.5 per cent.  Public sector funds’ assets increased by 15.4 per cent.  Retail funds’ assets increased by 13.9 per cent and corporate funds’ assets by 9.1 per cent.

Over the 10 years from 30 June 2004 to 30 June 2013, the average industry-wide ROR for large funds was 6.0 per cent per annum. The Bulletin also includes a feature on Registrable Superannuation Entity (RSE) licensees. The feature examines changes in the size of RSE licensee business operations, and the structure and composition of RSE licensee boards over the eight years from 2006. APRA states that over that period, the size and complexity of RSE licensee business operations increased, as did the average number of directors on RSE licensee boards and the proportion of these directors who were women. There were fewer directors who sat on more than one RSE licensee board in 2013 than in 2006.

Copies of the Annual Superannuation Bulletin are available on APRA’s website at:  www.apra.gov.au/Super/Publications/Pages/annual-superannuation-publication.aspx

ASIC: Deferral of Stronger Super amendments in relation to PDS and periodic statement disclosure

ASIC has issued ASIC CLASS ORDER [CO 13/1534] to provide interim relief and exemption from compliance with new fee and cost disclosure requirements in product disclosure statements and periodic disclosure statements which were to come into effect from 31 December 2013.

The class order extends the date of compliance from 31 December 2013 to 1 July 2014, consistent with changes applying for the date for managed investment products.

ASIC stated that the purpose of the exemptions was to address compliance and administrative costs and the unreasonable burden imposed on trustees to meet the requirements by 31 December 2013.

An additional exemption has been granted in respect of where a trustee is required to make publicly available a product dashboard for the investment option. This means that the product dashboard would be required to be included as part of a periodic statement, including periodic statements when a member exits the fund. The class order provides interim relief from compliance if a trustee includes in the periodic statement, or accompanies the periodic statement with, a website address for the latest product dashboard for the investment option.

ASIC stated that the purpose of this exemption is to address the compliance and administrative costs and the unreasonable burden imposed on trustees by including hard copies of product dashboards in periodic statements. The exemption will apply to periodic statements given in relation to reporting periods ending before 1 January 2015, to allow for further consideration and consultation with industry.

APRA releases quarterly superannuation statistics for September 2013

The Australian Prudential Regulation Authority (APRA) released its September 2013 Quarterly Superannuation Performance publication. Total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.75 trillion as at 30 September 2013.

Contributions to funds with at least $50 million in assets over the September 2013 quarter were $21.5 billion. Total contributions for the year ending September 2013 were $90.3 billion, down 0.8 per cent from the previous year ($91.0 billion).

Outward rollovers exceeded inward rollovers by $719 million in the September quarter. Total benefit payments for the year ending September 2013 were $51.7 billion, an increase of 6.4 per cent from the previous year ($48.6 billion).

APRA released a discussion paper on changes to its superannuation statistics on 14 November 2013, in which it proposed to revise the Quarterly Superannuation Performance statistics publication and introduce a Quarterly MySuper Statistics report. Accordingly, select statistics will be released on an interim basis for (at least) the September 2013 and December 2013 quarters, pending completion of this consultation.

Further information can be found under the ‘Important notice’ section of the September 2013 Quarterly Superannuation Performance publication and in the discussion paper.

Copies of the publication are available on APRA’s website at:
www.apra.gov.au/Super/Publications/Pages/quarterly-superannuation-performance.aspx

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