Retirement incomes soar
The post-retirement market experienced plenty of growth in the September 2007 quarter, according to new figures, which revealed that super growth slowed significantly in the same period.
Four of the top 10 companies in the retirement incomes market recorded growth in excess of 20 per cent, including Navigator, Colonial First State, Macquarie and Asgard, according to market share report results released by DEXX&R.
The retirement incomes market funds under management/administration (FMU/A) — held in allocated pensions and term allocated pensions, recorded a 16.27 per cent increase to $89 billion, which is an increase of $12.4 billion.
Offsetting the increases made during the June 2007 quarter of 3.69 per cent, the employer superannuation market experienced contraction of 3.7 per cent during the September quarter, recording growth of $7 billion over the 12 months to September 2007.
The personal superannuation market segment levelled out at $193 billion, with only a slight decrease in FUM/A in the September quarter.
Total FUM/A in the retail and wholesale markets increased by 17.5 per cent to $974 billion in the 12 months to September 2007.
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