Employer super contributions decline
Employer contributions to superannuation have actually declined for two of the past three quarters, according to a new analysis released by the Financial Services Council (FSC).
The analysis, developed by FSC chief economist James Bond, found that while the decline in the March quarter was small at 0.2 per cent, it was concerning because of the significance of compulsory employer contributions to total flows.
He noted, however, that the lower employer contributions had been offset by an increase in voluntary contributions, which had posted their biggest increase since September 2007 to be 22 per cent higher than the same quarter in 2012.
"The substantial increase in discretionary fund flows in the March quarter can be attributed to the strong performance of the equities market and positive reports of returns from superannuation funds," Bond said.
Total funds under management for the Australian Prudential Regulation Authority-regulated sector reached $1 trillion in March.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
