Superannuation
Discover the various superannuation options that will get you ready for your retirement. Get expert financial advice and all the latest news about how superannuation works and how it can be helpful in your retirement.
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KPMG has released the findings from a new review.
" ["fulltext"]=> string(2607) "At least two Australian super funds could have over $1 trillion in assets by 2040, according to KPMG.
In its annual Super Insights review of the local sector, the firm has tipped AustralianSuper and Australian Retirement Trust (ART) – which have both quintupled in size from $200 billion since 2021 – as the two funds to first reach the trillion mark.
According to KPMG’s research, which used the latest data available from APRA and the ATO, the total value of funds grew from $2.4 trillion to $2.8 trillion from the 12 months to 30 June 2021.
However, a reported 5 per cent decrease came in member numbers (down to 20.8 from 22 million) which has been attributed to the first stage closure of eligible rollover funds and the impact of the superannuation early release payments.
Despite this, contribution levels increased by 13 per cent from members and 8 per cent from employers, with retail super funds having the biggest impact (44 per cent) followed by industry funds (19 per cent).
The average account balance across all funds (excluding SMSFs) was $93,165, ranging from an average of $75,397 in the industry fund sector to $226,714 across corporate funds. Meanwhile, the average net cashflow ratio of all funds surged from 1.13 per cent to 1.4 per cent and the number of funds in net outflow dipped from 50 out of 83 in 2019/20 to 38 out of 75 in 2020/21.
KPMG National Sector Leader, Asset and Wealth Management, Linda Elkins, said the report highlights the need for the sector to shift its focus from the accumulation phase to the retirement system.
“The Your Future, Your Super legislation – in particular stapling and the Annual Performance Test - will continue to put pressure on a segment of the sector and result in further consolidation, while continuing funds need to look forward to meeting their current and future member needs,” Ms Elkins said.
“In the context of inflows which are no longer driven by default arrangements, retaining scale will be about attraction and retention of members. With around 20 percent of total member benefits now in the retirement phase, the requirements of the Retirement Incomes Covenant formalise the need for funds to develop strategies and products for members approaching and in retirement.
“These need to be delivered in the context of increased regulatory scrutiny and the overarching requirement to act in members’ best financial interests. To succeed, funds will need to increase their access to data for identification and analysis purposes.”
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KPMG has released the findings from a new review.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(77) "/retirement/superannuation/two-super-funds-tipped-to-reach-1-trillion-by-2040" ["image"]=> string(39) "images/superannuation-piggy-bank-NE.jpg" ["image_alt"]=> string(44) "Two super funds tipped to reach $1tn by 2040" } [1]=> object(stdClass)#8027 (57) { ["id"]=> int(18339) ["title"]=> string(40) "Super returns fall into the red for FY22" ["alias"]=> string(40) "super-returns-fall-into-the-red-for-fy22" ["introtext"]=> string(167) "Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super.
" ["fulltext"]=> string(2550) "Chant West has estimated that the median growth super fund is down 0.5 per cent so far this financial year, on the back of a 1.2 per cent fall in April.
The firm found that the median growth fund had returned 1.2 per cent up until the end of April, but poor share market performance this month has pushed returns into the negative for the full financial year.
If returns remain in the red at the end of the financial year, Chant West said it would only be the fifth negative return since compulsory super was first introduced in 1992.
“Whatever the result this year it will come on the back of the 18 per cent return in FY21, which was the second best in the history of compulsory super,” commented Chant West senior investment research manager Mano Mohankumar.
“And even in FY20, which included the COVID-induced share market meltdown, the loss was limited to just 0.6 per cent. So super funds have been able to navigate successfully through the worst of the pandemic, and members should take comfort in that.”
Chant West reported that the median high growth had suffered a 1.4 per cent fall in April, while the median balanced fund was down 0.9 per cent.
Mr Mohankumar attributed April’s declines primarily to the 7 per cent loss recorded by international shares in hedged terms as markets felt the effects of the war in Ukraine, lockdowns in China, supply chain disruptions and anticipated interest rate hikes to combat inflation.
“The depreciation of the Australian dollar provided some cushioning, reducing the unhedged loss to 3.2 per cent,” he added.
“Australian shares fared much better, falling just 0.8 per cent. Bonds continued to suffer as yields rose again, with Australian and international bonds losing 1.5 per cent and 2.9 per cent, respectively, over the month.”
Accounting for the losses in May, the firm said that the median growth fund was still up over 10 per cent in comparison to the pre-COVID high of January 2020.
“Looking back over the past decade, we’ve seen an unusually strong run of returns averaging 8.4 per cent per annum,” Mr Mohankumar said.
“That’s been great, but members shouldn’t expect performance to continue at that sort of level. It’s not sustainable and it’s not what these funds are designed to achieve. The typical long-term return objective for growth funds is to beat inflation by 3.5 per cent per annum. That translates to about 6 per cent per annum in absolute terms.”
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Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(67) "/retirement/superannuation/super-returns-fall-into-the-red-for-fy22" ["image"]=> string(51) "images/article-826x550/piggybank-upside-down-ne.jpg" ["image_alt"]=> string(18) "Super returns fall" } [2]=> object(stdClass)#8026 (57) { ["id"]=> int(18341) ["title"]=> string(69) "Could the Super Home Buyer Scheme ‘torpedo’ Aussie super savings?" ["alias"]=> string(62) "could-the-super-home-buyer-scheme-torpedo-aussie-super-savings" ["introtext"]=> string(97) "Industry Super Australia has argued that the scheme would force funds to hold more cash.
" ["fulltext"]=> string(2865) "New modelling from Industry Super Australia has suggested that the Coalition’s proposed Super Home Buyer Scheme would increase the liquidity requirements of super funds and subsequently lead to lower returns.
ISA argued that the scheme would force funds to hold more cash and invertedly invest less in long-term growth-oriented assets.
“Even those Australians that don’t use their super to buy a house will be left tens of thousands of dollars worse off because of the government’s scheme,” said ISA chief executive Bernie Dean.
“Not only will throwing super into the housing market jack up prices and make houses less affordable, but all Australian workers will also be worse off because of lower investment returns.”
During the Liberal Party’s campaign launch last Sunday, Prime Minister Scott Morrison pointed out that New Zealand and a number of other countries already have policies in place that allow people to use their retirement savings to help them buy their first home.
However, analysis by ISA suggested that a balanced option under New Zealand’s retirement savings scheme, KiwiSaver, delivered returns roughly 1 per cent per annum lower than a balanced MySuper fund over both five and 10 years.
Additionally, the KiwiSaver balanced option held about 13.5 per cent less in growth assets than its Australian counterpart.
AMP Capital chief economist Shane Oliver told InvestorDaily that, while the Super Home Buyer Scheme may inflict a short-term impact, the money withdrawn would likely be balanced by funds deposited back into the super system once a sale is made.
The scheme allows first home buyers to withdraw 40 per cent of their super up to a maximum of $50,000 to put towards the purchase of a first home, but the buyer is obliged to return the money, including any associated capital gains, when that home is sold.
As such, Dr Oliver estimated that liquidity issues could potentially persist for up to eight years before money starts flowing back in.
“I suspect it will even out over time because, if someone buys a property and accesses their super when they’re 30, and then they want to trade over and get a bigger property 10 years later, then the money will come back in,” Dr Oliver said.
He also noted that it was difficult to estimate the full impact of the scheme because it was unclear how many people would actually end up taking advantage of it.
The scheme received a mixed response from industry stakeholders upon its announcement, with opponents arguing that it undermined the purpose of the super system and would lead to higher house prices.
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Industry Super Australia has argued that the scheme would force funds to hold more cash.
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["data":protected]=> object(stdClass)#8259 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(89) "/retirement/superannuation/could-the-super-home-buyer-scheme-torpedo-aussie-super-savings" ["image"]=> string(54) "images/article-826x550/couple-buying-first-home-ne.jpg" ["image_alt"]=> string(23) "super home buyer scheme" } [3]=> object(stdClass)#8025 (57) { ["id"]=> int(18337) ["title"]=> string(68) "Super fund returns at risk of being negative for this financial year" ["alias"]=> string(68) "super-fund-returns-at-risk-of-being-negative-for-this-financial-year" ["introtext"]=> string(101) "With two months to go in the current financial year, super funds are only just in the black.
" ["fulltext"]=> string(2572) "The median balanced super fund lost 1.1 per cent in April, new estimates from SuperRatings have revealed, as funds faced significant pressure stemming from increased volatility.
While delivering positive returns in all but one month in 2021, the median fund has now declined in three out of the first four months of this year, dragging down the return for the 2021-22 financial year to just 1.2 per cent.
“It is challenging to say whether super funds will end the financial year to 30 June 2022 in the red or the black at this stage, as it could go either way,” said SuperRatings executive director Kirby Rappell.
“However, we have seen funds continue to deliver above their investment objectives over the longer term which typically sit around CPI +3.0%. Sticking to a long-term strategy and blocking out short-term noise is as important as ever, with long-term performance being what really matters.”
Over the past calendar year, the median fund is up 4.2 per cent, with stronger returns delivered per annum over the past three years (6.5 per cent), five years (6.9 per cent.), seven years (6.7 per cent) and 10 years (8.2 per cent).
The median growth option fell by 1.5 per cent in April but is still up 5.0 per cent over the past year and 9.4 per cent p.a. over the past 10 years.
Meanwhile, the capital stable option recorded a smaller fall of 0.7 per cent for the month and has risen 1.0 per cent in the past year and 4.9 per cent p.a. over 10 years.
“Looking back over the last 15 years, the median balanced option has added more than 120 per cent, similarly members sitting in a typical growth option will have seen their retirement nest egg grow by around 121 per cent,” said Mr Rappell.
To illustrate this growth as well as the risks of not sticking to a long-term strategy, SuperRatings calculated the performance of a $100,000 investment in super since 2007.
In the median balanced option, this investment would have grown to $219,775, while in the median growth option, an even greater increase to $221,058 would have been recorded.
If this $100,000 investment was switched from balanced or growth to cash at the onset of the COVID-19 pandemic in March 2020, SuperRatings said that the balance would be roughly $45,000 to $55,000 lower.
“Making snap decisions can lead to a worse outcome and it’s best to set a long-term strategy and stick to it, as we see markets recover losses from these unexpected events over time,” Mr Rappell concluded.
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With two months to go in the current financial year, super funds are only just in the black.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(95) "/retirement/superannuation/super-fund-returns-at-risk-of-being-negative-for-this-financial-year" ["image"]=> string(52) "images/article-826x550/piggybank_saving_super_ne.jpg" ["image_alt"]=> string(10) "Super fund" } [4]=> object(stdClass)#8024 (57) { ["id"]=> int(18328) ["title"]=> string(56) "Some Aussies are missing out on $17k in super every year" ["alias"]=> string(55) "some-aussies-are-missing-out-on-17k-in-super-every-year" ["introtext"]=> string(168) "A report has found that hundreds of thousands of Aussies are at a significant financial disadvantage, foregoing $175,000 in super on average by retirement age.
" ["fulltext"]=> string(2329) "The super balance of a primary carer at retirement is reduced by $17,700 on average for each year they remain in the role, according to an analysis released by Carers Australia.
The peak body representing Australia’s carers also revealed that the lifetime earnings of primary carers fell by $39,600 for every year they continue in the role.
“The focus of politics in the past few weeks has been on employment and superannuation, including the Coalition’s proposed Super Home Buyer scheme and the Labor Party’s now-retracted proposal to contribute superannuation on paid parental leave,” said Carers Australia CEO Alison Brook.
“What neither party is considering is the reality for so many of Australia’s carers who are unlikely to have an ample superannuation balance to begin with.”
The recently released Caring Costs Us report from Carers Australia found that carers miss out on an average of $175,000 in superannuation by the time they reach 67 in addition to lost wages totalling $392,500
“Carers Australia had previously revealed in 2020 that the cost of replacing all informal care with commercial market services was valued at $77.9 billion per annum, before the pandemic commenced,” Ms Brook noted.
“Coupled with the Caring Costs Us report findings, there is a strong argument for addressing the barriers and long-term impacts on carers’ financial and economic security.”
A survey conducted by the Australian Bureau of Statistics (ABS) from 2018 indicated that 861,000 people were primary carers, of whom 71.8 per cent were women.
Furthermore, the survey found that 1 in 10 Aussies were carers and that these individuals were more likely to be receiving government pensions or allowances and less likely to be engaged in secure employment than the population overall.
“In the end, everyone either knows a carer, or has been, is, and/or will be a carer at some stage in their lives. We have been asking ‘who cares for carers?’ in the lead up to this election with a disappointing response,” said Ms Brook.
“We are looking forward to working with the next Australian Government to address the economic and other disadvantages experienced by Australia’s 2.65 million carers.”
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A report has found that hundreds of thousands of Aussies are at a significant financial disadvantage, foregoing $175,000 in super on average by retirement age.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(82) "/retirement/superannuation/some-aussies-are-missing-out-on-17k-in-super-every-year" ["image"]=> string(49) "images/article-826x550/piggybank-yellow-bg-ne.jpg" ["image_alt"]=> string(5) "super" } [5]=> object(stdClass)#8023 (57) { ["id"]=> int(18324) ["title"]=> string(64) "APRA chair says 'good enough isn't good enough' for super sector" ["alias"]=> string(62) "apra-chair-says-good-enough-isn-t-good-enough-for-super-sector" ["introtext"]=> string(60) "Wayne Byres discussed the sector at a FINSIA event.
" ["fulltext"]=> string(1801) "Australia’s $3.5 trillion superannuation savings pool is a key asset, but the “system can be better”, the APRA chair has said.
Addressing the Financial Services Institute of Australasia’s (FINSIA) ‘The Regulators’ event on Friday, 13 May, Wayne Byres has called for improvement in the sector.
“Put simply, when it comes to superannuation, good enough isn’t good enough,” Mr Byres said.
“We still have too many trustees that could do better – including, in some cases, by handing their responsibilities to someone else. So, our primary focus continues to be to drive out sub-standard products and practices, using a combination of the government’s annual performance test, our own heatmaps, intensified supervision, and (when needed) what my colleague Margaret Cole referred to as ‘a more muscular approach to enforcement.’”
Mr Byres also addressed the incoming retirement income covenant (RIC) – which will require superannuation trustees to plan and outline a retirement strategy for members – set to come into effect on 1 July.
The prudential regulator chair said the legislation means the provision of retirement products is another area that needs attention.
“As the superannuation system matures, and an increasing proportion of Australians move into the retirement phase, much greater attention needs to be given not just to how superannuation savings are managed, but how they are accessed in retirement.
“This is a space ripe for innovation and new thinking.”
Mr Byres comments come after the Actuaries Institute released a paper last month designed to help superannuation funds navigate the RIC, calling it “crucial for the wellbeing of all Australians”.
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["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#8633 (33) { ["id"]=> int(6) ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) 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string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#8540 (33) { ["id"]=> int(5) ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> int(2351) ["ordering"]=> int(4) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8245 (3) { ["data":protected]=> object(stdClass)#8253 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" 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"Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#8631 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8252 (3) { ["data":protected]=> object(stdClass)#8257 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8254 (3) { ["data":protected]=> object(stdClass)#8259 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(89) "/retirement/superannuation/apra-chair-says-good-enough-isn-t-good-enough-for-super-sector" ["image"]=> string(56) "images/Is-your-fund-among-the-13-most-responsible_ne.jpg" ["image_alt"]=> string(64) "APRA chair says 'good enough isn't good enough' for super sector" } }Subscribe to our newletters
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