APRA report shows super industry funds enjoy growing bigger, with 18 percent of the escalation to 226 million dollars of assets / file origin: suppliedRetirement saving AUSTRALIA pool has risen to unprecedented levels, reinforced by strong investment returns after two years of costly losses.
And the public sector funds have exceeded industry and retail super funds for returns in a victory for civil servants according to official data released yesterday.
It reveals active total retirement nation rose about 14 per cent or $ 150 million, to 1.23 billion in the year of 2010.
Super funds widely achieved gains of 108 million dollars in the year to June, finished two years of losses due to the active tumbled during the darkest days of the global financial crisis.
Super Fund members contributions also recorded 108 million dollars, while the payments of benefits to retirees amounted to a total of $ 60 million.
Statistics, published in an annual report by the authority for the prudential regulation of Australia, show the super funds industry enjoyed growth biggest assets in 18 per cent of the climbing to $ 226 million.
Smaller funds also fared well, enjoying asset growth of 17%, while the assets of the fund industry public rose nearly 14 percent and sales retail funds increased 11 per cent.
But the average assets in the industry funds was lower than other, 8.5%.
Servants - the biggest losers in 2009 - enjoyed the greatest benefits last year, with the funds rate of return at 9.8% public. Corporate funds return rate was 8.9% and 8.7% for the sale retail funds.
Industry Super Network director Executive David Whiteley said the growth of assets under management of funds of the industry indicates that workers were "marketing confidence" in the funds industry.
BusinessDaily believes that goodwill heavyweight retailer continue to harbour concern at the lack of fine details in the annual statistics of APRA.
They say the data set does a poor job reflect your performance.
APRA has previously committed to improving data.
Industry funds invest approximately two-thirds of the assets according to the default strategy of the funds, compared with only 23 per cent in selling retail funds.
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