June 2011 Annual Superannuation Bulletin

8/2/2019 June 2011 Annual Superannuation Bulletin

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www.apra.gov.au

Australian Prudential Regulation Authority

StatisticsAnnual Superannuation BulletinJune 2011 (issued 29 February 2012)


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e-mail [email protected]

or write to Manager, Superannuation Statistics

Australian Prudential Regulation Authority

GPO Box 9836

Sydney NSW 2001

Copyrig t

Notation

Revisions

This publication includes updated results for the preceding year based on audited returns and re-

submissions received after the previous year's publishing date. The Australian Taxation Office (ATO) has

also revised SMSF data from 2004 onwards.

Disclaimer

This publication will be released according to the timetable published on the APRA website.

Forthcoming issues

While APRA endeavours to ensure the quality of this publication, APRA does not accept any responsibility

for the accuracy, completeness or currency of the material included in this publication, and will not be

liable for any loss or damage arising out of any use of, or reliance on, this publication.

Except where indicated, amounts are expressed in millions of Australian dollars. Both the Australian-

dollar denominated transactions and the Australian-dollar equivalent of foreign-currency denominated

transactions are included.

The symbol '*' indicates that the data have been masked to maintain confidentiality.

For more information about the statistics in this publication:

Explanatory notes and glossary

A set of explanatory notes and glossary are provided at the end of the publication to assist the reader in

understanding the source and definitions of the data.

Enquiries

RoundingDetails on tables may not add up to totals due to rounding of figures.

Australian Prudential Regulation Authority (APRA)

This work is licensed under the Creative Commons Attribution 3.0 Australia Licence (CCBY 3.0).

This licence allows you to copy, distribute and adapt this work, provided youattribute the work and do not suggest that APRA endorses you or your work. To view a full copy ofthe terms of this licence, visit www.creativecommons.org/licenses/by/3.0/au/.

Australian Prudential Regulation Authority 2
mailto:[email protected]:[email protected]


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Contents

Important notice Notice 4

Highlights Highlights 5

Selected features

Volatility of superannuation returns Selected feature 1 8

Superannuation fund reserves Selected feature 2 19

Key statistics Key statistics 25

Entities

Number of superannuation entities - trends Table 1 26

Superannuation entity movements Table 2 27

Members

Number of member accounts - trends Table 3 28

Age segmentation of member accounts by fund type Table 4 29

Age segmentation of vested benefits by fund type Table 5 30

Member accounts: flows and types Table 6 31

Financials

Financial performance - trends Table 7 32

Financial performance by fund type Table 8 33

Superannuation total assets - trends Table 9 34

Financial position by fund type Table 10 35

Entity ratios by fund type Table 11 36

Entity ratios by fund type - trends Table 12 37

Rate of return (ROR) and volatility Table 13 39

Manner of investment - trends Table 14 40

Structure of retirement benefits Table 15 41

Structure of retirement benefits (assets) - trends Table 16 42

Investment choice

Investment choice by fund type Table 17 43

Asset allocation of default investment strategy Table 18 44

Other statistics and information Other statistics 45

Explanatory notes Explanatory notes 46

Glossary Glossary 48



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http://www.apra.gov.au/Super/Publications/Pages/superannuation-fund-level-publications.aspx

For more information on ROR, refer to the Response to Submissions paper on APRAs website:

The ROR measures the combined earnings of a superannuation fund's assets across all its products and

investment options. The Superannuation Industry (Supervision) Act 1993 (SIS Act) requires that

superannuation trustees formulate, and give effect to, an investment strategy that has regard to the

whole of the circumstances of the superannuation fund and is in the best interest of its members. APRA

considers ROR a useful relative measure to assess a superannuation trustee's ability to deliver on the

funds investment strategy for the benefit of all members over time.

Many trustees provide individual members with the choice of a wide range of investment options and

superannuation products, with different investment goals. APRAs statistics are not designed to provide

individual members with information to compare the investment options offered. The Australian

Securities and Investment Commission s MoneySmart website (www.moneysmart.gov.au) provides

guidance on how to compare superannuation investment options and links to other sources of information

for this purpose.

Important notice

APRAs superannuation statistics provide policymakers, regulators, trustees and the community with

information to assess the overall performance of the superannuation system.

APRAs quarterly and annual statistics provide data on earnings performance, fees, expenses and taxes.

APRAs annual publication also provides data on membership profile, the number of investment options

offered, the assets in the default investment option, and the composition of the default investmentoption.

The ROR represents the net earnings of superannuation assets towards funding members benefits,

primarily for retirement.

Information on rate of return (ROR)

http://www.apra.gov.au/Super/Publications/Pages/superannuation-fund-level-publications.aspxhttp://www.apra.gov.au/Super/Publications/Pages/superannuation-fund-level-publications.aspx


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The number of SMSFs grew by 7.2 per cent to 442,528 funds during the 2011 financial year. The number of APRA

regulated entities with more than four members decreased by 9.8 per cent to 367 entities.

Highlights

Industry overview

Total superannuation assets increased by 11.5 per cent during the year to 30 June 2011 to $1.34 trillion. Of this

total, $810.6 billion are held by APRA-regulated superannuation entities and $407.6 billion are held by self-

managed superannuation funds (SMSFs), which are regulated by the ATO. The remaining $117.0 billion

comprises exempt public sector superannuation schemes ($80.9 billion) and the balance of life office statutory

funds ($36.1 billion).

Public sector funds' assets increased by 21.9 per cent during the year to June 2011. Small funds, which include

SMSFs, single-member approved deposit funds and small APRA funds' increased by 11.5 per cent, industry funds

by 10.8 per cent, retail funds by 8.9 per cent and corporate funds by 3.7 per cent.

As at 30 June 2011, small funds held the largest proportion of superannuation assets, accounting for 31 per cent

of total assets, as shown in Figure A. Retail funds held 28 per cent of total assets, industry funds held 19 per

cent, public sector funds held 16 per cent and corporate funds held 4 per cent of total assets.

During the June 2011 quarter, an industry fund merged with a public sector fund. The merger resulted in an

increase in public sector funds' assets, members and net rollovers, and a decline in industry funds' assets,

members and net rollovers.

The number of member accounts decreased by 4.6 per cent during the year to 31.3 million. Figure B shows

member accounts by fund type between 2002 and 2011. The number of member accounts for public sector

funds increased by 7.7 per cent, followed by small funds with 7.1 per cent. The number of member accounts

decreased by 0.6 per cent for industry funds, 4.8 per cent for corporate funds and 10.3 per cent for retail

(including Eligible Rollover Funds). This reduction in member accounts coincides with the amendment of the

Superannuation (Unclaimed and money and lost members) Act 1999 which came into effect on 1 July 2010.

0

150

300

450

Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11

($billion)

Figure A: Superannuation assets by fund type

Corporate

Industry

Public sector

Retail

Small



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Average account balance

Members of small funds held the largest average account balance of $484,243 at June 2011. Corporate fundmembers held $98,493 on average, followed by members of public sector funds with an average account

balance of $62,456. Retail and industry fund members held an average of $24,546 and $21,895 respectively.

Contributions

Superannuation contributions to June 2011 totalled $104.8 billion. Employers contributed $71.4 billion and

members contributed $32.5 billion. Other contributions, which include spouse contributions and government co-

contributions, totalled $0.9 billion.

For superannuation entities with more than four members, superannuation contributions to June 2011 totalled

$81.2 billion. Retail funds received 33.3 per cent ($27.1 billion) followed by industry funds with 32.5 per cent

($26.4 billion), public sector with 29.4 per cent ($23.9 billion) and corporate funds with 4.8 per cent ($3.9

billion).

Financial performance and assets

The Rate of Return (ROR) for superannuation entities with more than four members was 7.8 per cent for the

year to June 2011. Industry funds recorded an ROR of 9.0 per cent, public sector funds recorded an ROR of 8.9

per cent, corporate funds 7.7 per cent and retail funds recorded 6.5 per cent. The average ROR for all entities

over the last ten years was 3.8 per cent per annum.

Figure C shows the ROR for each financial year in the ten-year period 2002 to 2011.

0

5

10

15

20

Jun02

Jun03

Jun04

Jun05

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

(million)

Figure B: Member accounts by fund type

Corporate

Industry

Public Sector

Retail

Small



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1The average account balance for public sector funds is based on the funded portion of their benefits only.

Of the total assets held by entities with more than four members, 42.3 per cent of assets ($376.0 billion) were

held in the default investment strategy. Industry funds held 64.0 per cent of assets in the default investment

strategy, followed by corporate funds with 53.1 per cent, public sector with 51.5 per cent and retail funds with

20.6 per cent.

At 30 June 2011, the majority of default strategy assets were held in equities: 28.8 per cent in Australian shares

and 23.5 per cent in international shares. A further 13.5 per cent were held in other assets, 10.0 per cent in

Australian fixed interest, 9.5 per cent in property, 8.4 per cent in cash and 6.2 per cent in international fixed

interest.

Structure of retirement benefits

At June 2011, total assets (for entities with more than four members) consisted of approximately 82.2 per cent

($731.3 million) allocated to accumulation and 17.8 per cent ($158.2 million) allocated to defined benefits.

Of superannuation entities with more than four members, 37.8 per cent ($336.0 billion) of total assets were

held by accumulation funds and 6.8 per cent ($60.9 billion) held by defined benefit funds. The assets in hybrid

funds (funds with a combination of accumulation and defined benefit members) comprised 55.4 per cent of

superannuation assets ($492.6 billion) at June 2011.

Of entities with more than four members, 68.8 per cent offered investment choice to their members. Retail

funds offered the greatest number of investment choices to members, with an average of 255 options per fund.

Industry funds offered an average of ten investment options per fund, public sector funds offered an average of

nine investment options per fund and corporate funds offered an average of six investment choices per fund.

As at 30 June 2011, 43.3 per cent ($577.6 billion) of assets were directly invested, 41.3 per cent of total assets

($551.6 billion) were placed with investment managers and 15.4 per cent ($206.0 billion) were invested in life

office statutory funds.

Investment choice and asset allocation



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Selected feature Volatility of superannuation returns

Introduction

This selected feature examines long-term average Rates of Return1 (RORs) and volatility of RORs forsuperannuation funds over the 15 years to June 2011.

Market-linked investments, including those in superannuation funds, change value frequently andsometimes these changes are large. The extent to which investment values change has increasedrecently, with more frequent negative returns. Superannuation account balances changingsignificantly from quarter to quarter increases the uncertainty of members final retirement savingsoutcomes, and may make it difficult for superannuation members to plan for their retirement. 2Increased volatility is particularly relevant to members who are in, or close to, retirement. Some 25per cent of superannuation accounts are held by members close to retirement age (over 50),accounting for over 60 per cent of retirement benefits.3

With increased focus on short-term returns in the media, some superannuation members may seelarge fluctuations in returns and negative short-term returns and be concerned about the impact ontheir superannuation savings. The legislative framework, including a trustees Section 52 duties

under Superannuation Industry (Supervision) Act 1993 (SIS Act) strongly suggest that a trusteeshould operate a superannuation fund to deliver good long-term returns to members, with returnaspirations constrained by the need to manage investment and purchasing power risk over the longterm.4

This paper finds that over the 15 years examined, it was typical to have a range of industry-wideRORs between 6.8 and 12.9 per cent per annum, and between 3.3 per cent and 5.5 per cent perquarter. The paper also finds that recent volatility has less of an impact on the long-term averageROR than it does on short-term ROR. Nevertheless, analysis found that even rolling five-year RORsfor the industry ranged from 1.9 per cent to 11.5 per cent over the 15-year period. Overall, for the15 years to June 2011, the average ROR for the superannuation industry was positive, with a 15-year average ROR of 5.2 per cent per annum. The average industry-wide ROR, when adjusted forthe 2.7 per cent per annum inflation5; provided a real return of 2.5 per cent per annum.6

Most funds which existed for the whole period had a 15-year average fund-level ROR of between 3.9and 6.5 per cent per annum.7 Many individual superannuation investment options returns weremore volatile than industry wide averages. Many members would therefore have experienced agreater range of returns than industry averages, depending on their asset allocation, investmentperformance, time in the fund and expenses.

Basis of analysis

This feature uses financial performance information reported to APRA by superannuation funds withmore than four members for the 15-year period to June 2011. This is the 15-year period for whichAPRA has superannuation data available.

Annual ROR data is sourced from annual returns submitted to APRA for 1996-1998, and from theAnnual Superannuation Bulletin (Table 13) for 1999-2011. Details of the annual ROR are set out inTable A. (The tables are provided in the Appendix to this feature.)

1 See explanation of key terms for details on ROR.2 For members with accumulation benefits.3 APRA, 2011 Annual superannuation bulletin, Table 54 Source: APRA, A response to Review of APRAs Investment Performance Statistics of the AustralianSuperannuation Industry, 2008. Under SIS, trustees are required to meet the Sole Purpose Test (SIS section 62)which provides that superannuation is meant to primarily provide retirement benefits to members. Under SISsection 52, moreover, trustees are required to act in the members best interest, and they are further

required to construct a strategy (including an investment strategy) for the entire fund. Section 52 furtherspecifies that it is allowable, though not required, for trustees to accept directions from members on themembers investment allocations.5 Source: Australian Bureau of Statistics, 6401.01 Inflation6 Real return = Nominal ROR Inflation rate7 Members in some of the investment options may have experienced a wider range of ROR over the period.



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Quarterly ROR data is sourced from Superannuation Trends (Trends) for September 1996-September2004, and from the Quarterly Superannuation Performance (QSP) publication for December 2004-June 2011. Details of the quarterly ROR are set out in Table B.

Explanation of key terms

10th percentile: the value at which 10 per cent of the funds RORs lie below the value and 90 per centlie above the value.

90th percentile: the value at which 90 per cent of the funds RORs lie below the value and 10 per centlie above the value.

For-profit funds: comprise retail funds.

Lower quartile: the value at which 25 per cent of the funds RORs lie below the value and 75 per centlie above the value.

Not-for-profit funds: comprise corporate, industry and public sector funds.

Rate of return (ROR): net earnings after tax divided by the sum of prior period net assets and half of netflows (refer to the glossary for more detail). ROR is expressed in nominal terms unless otherwisespecified.

Upper quartile: the value at which 75 per cent of the funds RORs lie below the value and 25 per centlie above the value.

Volatility: the standard deviation of quarterly rates of return for the industry over a period of time. It isa measure of variation in performance over the period. The higher the volatility, the greater thevariation in returns over the period.

Superannuation rate of return

The industry-wide ROR illustrates the (after tax and expenses) change in the value of thesuperannuation industry investments. For the 15 years to June 2011 the annual industry-wide RORwas typically between 6.8 and 12.9 per cent per annum, with 80 per cent of RORs falling in thisrange.8 There were four financial years with a negative ROR over the 15-year period. Table Acontains the annual ROR for the industry for each year and by fund type.

The quarterly RORs provide a picture of the short-term fluctuations in value of the superannuationindustry investments. For the 15 years to June 2011, the quarterly ROR for the industry wastypically between 3.3 per cent and 5.5 per cent per quarter, with 80 per cent of RORs falling inthis range.9 The average quarterly ROR for the industry was 1.5 per cent. The quarterly RORs forthe industry from 1996-2011 are shown in Table B.

There were 16 quarters of negative ROR out of the 60 quarters for the period. Given a negativeROR, the average quarterly loss was 3.0 per cent. Given a positive ROR, the average quarterlygain was 3.2 per cent. The distribution of the quarterly RORs is shown in Figure A.

8,9 This is the range between the 10th percentile and the 90th percentile. See the explanation of key terms fordetails.



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0

24

6

8

10

12

14

16

18

20

22

24

Numberofquarters

ROR (per quarter)

Figure A: Distribution of quarterly industry-wide rates of returna

1996-2011

-12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12%

a Superannuation entities with more than $50 million in total assets

Volatility of superannuation returns

Volatility is an indicator of the extent to which the values of investments go up and down. Thestandard deviation of returns is a common measure of return volatility. The higher the standarddeviation relative to the average return, the riskier an investment is considered to be because of

uncertainty of returns and the likelihood and scale of low returns and losses. Increased volatility ofsuperannuation returns leads to greater uncertainty around members final retirement outcome.

Over the 15-year period to June 2011, the average quarterly industry-wide ROR was 1.5 per centper quarter, and the volatility of quarterly industry-wide RORs was 3.5 per cent. The quarterlyRORs are shown in Figure B, with the shaded area representing plus and minus one standarddeviation from the average (1.5 per cent). Figure B shows that the most recent five-year period hasseen quarterly RORs further outside that range, than the previous 10 years.



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-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

ROR(perquarter)

Figure B: Quarterly industry-wide rates of returna1996-2011

Within one standard devation o f the mean Quarterly ROR Mean

a Superannuation funds with more than $50 million in total assets

Recent volatility has less of an impact on the extent to which the long-term ROR varies than it doeson short-term RORs. This is shown in Figure C, which compares the rolling five-year industry-wideROR to the rolling one-year industry-wide ROR (calculated quarterly).10 The figure shows that, therolling one-year ROR has varied between 20.5 and 18.7 per cent per annum, whereas the rollingfive-year ROR has varied in a narrower range of 1.9 to 12.0 per cent per annum.

Figure C shows the rolling five-year industry-wide ROR (as the red line), showing that the rollingfive-year industry-wide ROR was at its lowest point at June 2011, although it is at a comparablelevel to 2003. The industry-wide ROR for the five years to June 2011 was 1.9 per cent per annum,less than the average inflation over the period (2.9 per cent per annum 11), leading to a real returnof 1.0 per cent per annum. The purchasing power of total superannuation assets invested fiveyears ago decreased over this period.

10 For the 15-year period examined, 10 years of rolling five-year ROR can be constructed. The first five-yearROR comprises the period from 1 July 1996 30 June 2001.11 Source: Australian Bureau of Statistics, 6401.01 Inflation



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-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

ROR(perannum)

Figure C: Rolling one-year, five-year and 15-year averageindustry-wide rates of returna

2001-2011

Rolling one-year ROR Rolling five-year ROR

Rolling five-year inflation 15-year ROR


Market-linked investments, including those in superannuation funds, change value frequently andsometimes these changes are large. The extent to which investment values change has increasedrecently, with more frequent negative returns. Therefore the extremes to which superannuation

returns have gone up and down have increased in magnitude from the mid-1990s through to 2011.The comparison of volatility of quarterly industry-wide returns over the three separate five-yearperiods demonstrates this increase in variation. The five-year volatility of quarterly industry-wideRORs increased from 2.0 per cent per quarter for the five years to June 2001 to 3.5 per cent perquarter for the five years to June 2006 to 4.5 per cent per quarter for the five years to June 2011.

The distribution of quarterly industry-wide RORs over the three separate five-year periodscompares the relative concentrations of quarterly RORs for each period.12 Figure D shows the curvesfor the three five-year periods. The shorter-wider curves represent larger fluctuations in industry-wide RORs over the quarters, while the taller-narrower curves represent lower variability ofindustry-wide RORs over the quarters. The peaks of the curves highlight the most commonlyobserved ROR. The curve for the five-years to June 2011 is the shortest and widest of the three,demonstrating the higher volatility of quarterly industry-wide RORs over that period.

There have been more negative quarterly RORs in the most recent five year period than the twopreceding five-year periods. Over the 15 years 16 out of the 60 quarters (26.7 per cent) had anegative ROR. Eight of these negative quarters occurred in the five years to June 2011. The curvefor 2007-2011 is more skewed to the negative RORs than the curves for the preceding five-yearperiods, demonstrating the higher frequency of negative quarterly industry-wide RORs.

12 The curves are kernel density estimates of the probability density function using a Gaussian kernel and abandwidth of 2.6 per cent. The bandwidth was chosen to provide a good fit of the distribution of quarterlyROR.



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-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%ROR (per quarter)

Figure D: Distribution of quarterly industry-wide rate of returna

1997-2001 2002-2006 2007-2011Average quarterly ROR: 2.3% 1.6% 0.5%Volatility: 2.2% 3.3% 4.6%


Volatility of sector-level superannuation returns

The average 15-year volatility of quarterly RORs for not-for-profit funds as a whole and the 15-yearvolatility of quarterly RORs for for-profit funds as a whole over the period are similar. The 15-yearvolatility of quarterly ROR for not-for-profit funds as a whole was 3.5 per cent and 15-yearvolatility of quarterly ROR for for-profit funds as a whole was 3.4 per cent. Figure E shows that inthe first 10-year period, quarterly ROR for for-profit funds as a whole was less volatile thanquarterly ROR for not-for-profit funds as a whole, and in the most recent five years, quarterly ROR

for for-profit funds as a whole was more volatile than quarterly ROR for not-for-profit funds as awhole. The 15-year average ROR over the period was 3.9 per cent per annum for for-profit funds asa whole and 6.0 per cent per annum for not-for profit funds as a whole.

0%

1%

2%

3%

4%5%

6%

7%

8%

Volatility

Figure E: Rolling five-year volatility of quarterly sector-levelrate of returna

1996-2011

Not-for-profit funds For-profit funds

a

Superannuation funds with more than $50 million in total assets



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Negative RORs impact superannuation balances in the short term, however the long-term averageindustry-wide ROR over the 15-year period was still positive at 5.2 per cent per annum. In order foran investment to retain its purchasing power over time it must return at least the rate of inflation.Returns above inflation increase the purchasing power of the investment, providing a real return.The average inflation rate over the 15 years to 2011 was 2.7 per cent per annum 13, therefore thesuperannuation industry returned above inflation, delivering an average real return of 2.5 per centper annum.

Fund-level returns

Members may experience a greater range of returns than the fund and industry average, dependingon their asset allocation, investment performance and expenses. Some of the range in returns andvolatility of returns for different investment options is diversified away by looking at the industry-wide ROR. Looking at the fund-level ROR provides some indication of these discrepancies. Therange in fund-level ROR is shown in Figure F for each five-year period, and for the 15-year period.This figure shows the 10th, 25th, 50th, 75th and 90th percentile of return for each period. Themiddle 50 per cent of funds returns lie between the lower and upper quartiles.14 This range isshown on Figure F as the box. Overall, for the 197 funds which existed for the whole 15-yearperiod, the middle 50 per cent of funds had a 15-year average fund-level ROR of between 3.9 and

6.5 per cent per annum.

15

The middle 80 per cent of funds returns lie between the 10th and 90thpercentile, shown on Figure F as the two outer lines (the lower and upper whiskers). For the 197funds which existed for the whole 15-year period, the middle 80 per cent of funds had a 15-yearaverage fund-level ROR of between 3.1 and 7.2 per cent per annum

Figure F shows that as the industry has consolidated, the range of fund-level RORs has narrowed.Some 1798 funds were in existence for the five-year period 1997-2011, with a range between the10th and 90th percentile of 9.5 per cent (five-year average fund-level ROR of 1.6 to 11.1 per centper annum). For the five years to 2006, there were 456 funds in existence for the whole period, andthe range was 6.2 per cent (five-year average fund-level ROR of 1.6 to 11.1 per cent). For the fiveyears to 2011 there were 257 funds in existence for the whole period, and the range was 3.9 percent (five-year average fund-level ROR of 0.2 to 3.7 per cent per annum). Table C in the appendixprovides the detailed descriptive statistics of the long-term fund-level ROR.16

-1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12%

Average rate of return (per annum)

Figure F: Box plots of long-term average rate of returna

15-year average ROR1997-2011

Five-year average ROR2007-2011



a Superannuation funds in existence for the whole of the relevant period with more than four members

1798 funds

456 funds

257 funds

197 funds

13 Source: Australian Bureau of Statistics, 6401.01 Inflation14 See the explanation of key terms for details on quartiles.15 Members in some of the investment options may have experienced a wider range of RORs over the period.16 See the Appendix for details on this graph.



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Summary

The value of investments, including those in superannuation funds, rise and fall frequently. For the15 years to June 2011 the annual ROR for the industry was typically17 between 6.8 and 12.9 percent per annum while the quarterly ROR was typically18 between 3.4 and 5.4 per cent perquarter. There were four financial years of negative ROR and 16 quarters of negative ROR for the60 quarters examined for the 15 years to June 2011.

The average industry-wide ROR for the most recent five-year period was lower than the twopreceding five-year periods and the volatility of quarterly industry-wide RORs was higher than thetwo preceding five-year periods. Increased volatility of superannuation RORs leads to greateruncertainty around members final retirement outcomes.

There were also more frequent negative returns in the most recent five-year period compared withthe two preceding five-year periods. Although recent volatility has less of an impact on the long-term average ROR than it does on short-term ROR, the increased volatility and frequent negativereturns over the recent five-year period has negatively impacted the average long-term return.Overall, the long-term average industry-wide ROR over the 15-year period was 5.2 per cent perannum. This provides a real return (above 15-year average inflation of 2.7 per cent per annum) of

2.5 per cent per annum.

For the 197 entities which existed for the whole 15-year period, most (50 per cent) funds had a 15-year average fund-level ROR of between 3.9 and 6.5 per cent per annum.

In planning for retirement, assumptions about long-term returns are important. Nobody knows withcertainty what the future will bring for superannuation returns. The data for the past 15-yearsindicate that fluctuations in returns are expected. How large these fluctuations will be over thenext 15 years, and what this will mean for long-term returns remains to be seen. While pastperformance is not an indicator of future returns, trustees should consider the past data in settingtheir strategy to deliver good long-term returns to members.

17,18 This is the range between the 10th percentile and the 90th percentile. Please see the explanation of keyterms for details.



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Appendix

All entities Corporate Industry Public Sector Retail

June 1997 12.8 15.9 13.2 17.1 8.9

June 1998 7.9 9.1 6.8 11.6 6.4

June 1999 6.9 8.2 7.1 9.4 4.4

June 2000 10.2 10.5 9.7 13.4 8.0

June 2001 3.0 4.4 3.3 3.3 2.2

June 2002 -4.9 -3.7 -4.5 -5.8 -5.0

June 2003 -2.1 -3.4 -1.8 -0.9 -2.5

June 2004 12.2 12.2 13.4 13.9 10.8

June 2005 12.2 12.8 13.2 14.1 10.6

June 2006 13.3 14.0 13.1 14.9 12.4

June 2007 14.5 15.3 16.0 15.1 13.4

June 2008 -8.1 -9.3 -6.0 -5.8 -10.2

June 2009 -11.5 -8.2 -11.7 -12.3 -11.5

June 2010 8.9 9.4 8.5 9.8 8.7

June 2011 7.8 7.7 9.0 8.9 6.5

1997-2001 8.1 9.6 8.0 10.9 5.9

2002-2006 5.8 6.1 6.4 6.9 5.0

2007-2011 1.8 2.5 2.6 2.6 0.8

1997-2011 5.2 6.0 5.6 6.5 3.9

Volatility1997-2011 8.4 8.5 8.3 9.2 8.0

Average ROR

%

Table A: Annual rate of return by fund type



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Sep 1996 2.6 Sep 2001 -5.8 Sep 2006 2.5

Dec 1996 3.8 Dec 2001 5.2 Dec 2006 5.5

Mar 1997 1.2 Mar 2002 0.1 Mar 2007 2.8

Jun 1997 7.5 Jun 2002 -3.5 Jun 2007 3.2

Sep 1997 2.7 Sep 2002 -4.4 Sep 2007 2.0

Dec 1997 0.3 Dec 2002 1.7 Dec 2007 -1.0

Mar 1998 3.8 Mar 2003 -1.9 Mar 2008 -7.5

Jun 1998 1.5 Jun 2003 3.4 Jun 2008 -1.4

Sep 1998 -0.8 Sep 2003 2.9 Sep 2008 -3.3

Dec 1998 5.5 Dec 2003 3.1 Dec 2008 -9.9

Mar 1999 2.6 Mar 2004 2.9 Mar 2009 -3.3

Jun 1999 0.9 Jun 2004 3.4 Jun 2009 4.4

Sep 1999 0.3 Sep 2004 2.6 Sep 2009 9.4

Dec 1999 5.8 Dec 2004 5.6 Dec 2009 2.3

Mar 2000 2.5 Mar 2005 1.2 Mar 2010 1.6

Jun 2000 2.8 Jun 2005 3.0 Jun 2010 -3.9

Sep 2000 1.7 Sep 2005 5.6 Sep 2010 3.8

Dec 2000 -0.3 Dec 2005 3.4 Dec 2010 2.6

Mar 2001 -0.2 Mar 2006 5.4 Mar 2011 2.3

Jun 2001 3.2 Jun 2006 -0.6 Jun 2011 -0.9

Table B: Quarterly rate of return

Entities with more than four membersa

a Entities with more than four members and at least $50 million in assets for December 2004-June

2011 and estimates for whole industry based on funds with at least $60 million in assets for

Septermber 1996- September 2004.

%



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1997-2001 2002-2006 2007-2011 1997-2011

Five-year average

return

Five-year average

return

Five-year average

return

Fifteen-year

average returnRate of return 8.0% 5.8% 1.8% 5.2%

Mean 6.9% 5.6% 1.7% 5.1%

Median 7.4% 5.5% 1.8% 5.1%

Standard deviation 4.1% 2.7% 2.0% 2.0%

Lower quartile 4.8% 4.0% 0.7% 3.9%

Upper quart ile 9.4% 6.7% 2.8% 6.3%

10th percentile 1.6% 2.7% -0.2% 3.1%

90th percentile 11.1% 8.9% 3.7% 7.2%

Number of entities 1798 456 257 190

Table C: Statistical distribution of long-term average rate of return

Box plot

Figure F shows the dispersion of entities five-year and 15-year average RORs.

The box plot depicts the 10th percentile, lower quartile, median, upper quartile and the 90thpercentile of entities RORs.



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Selected feature: Superannuation fund reserves

Introduction

This selected feature analyses superannuation fund reserves as at 30 June 2011.

Superannuation fund reserves can be set aside to meet unexpected costs arising from risksincluding, but not limited to, operational risks and self insurance. Trustees can use reserves tomeet unexpected costs and to spread the effects of these costs over time and across members.Around half of APRA regulated superannuation funds held no reserves within the fund at 30 June2011.

Currently, some funds rely on access to financial support outside the fund, including support fromthe employer sponsor or the trustee. This may affect the size and use of reserves held within thefund. Reserves vary between the four fund types (industry, retail, public sector and corporate),with the highest proportion of funds holding reserves being industry funds, followed by retail,public sector and corporate funds.

Basis of analysis

This selected feature uses reserves and assets data reported to APRA on annual returns. Theanalysis is based on APRA-regulated superannuation funds with more than four members that werein existence at the end of their 2011 reporting period. Pooled superannuation trusts, small APRAfunds, single member approved deposit funds, exempt public sector superannuation schemes,defined benefit funds, funds with negative reserves and funds with nil assets have been excludedfrom this analysis. Eligible rollover funds were included in the analysis and are classified as retailfunds.

Explanation of key terms

Formal reserves: reserves are not defined in the Superannuation Industry (Supervision) Act 1993 (SISAct). Reserves in a superannuation fund can be regarded as monies which form part of the net assets ofthe fund and which have been set aside for a clearly stated purpose. This may be, for example, to assistin the equitable management of fund earnings (an investment fluctuation reserve) or the management ofcontingencies (an operational risk reserve) or a self-insurance reserve. Reserves are largely concernedwith contingent events and, as such, the trustee needs to exercise judgement in determining the needfor them, and their scope, size and operation.

For-profit funds: comprise retail funds.

Not-for-profit funds: comprise corporate, industry and public sector funds.

Operational risk: operational risk is the risk of loss resulting from inadequate or failed internalprocesses, people and systems, or from external events. This definition includes legal risk but excludes

strategic and reputational risk.1

Unallocated benefits: amounts that have not been specifically allocated to member accounts. Includesboth formal reserves and amounts that are unallocated to members but do not form part of a formalreserve, such as unallocated balances which are held overnight in a bank account while the memberpaperwork is being processed.

1Sound Practices for the Management and Supervision of Operational Risk, Basel Committee on BankingSupervision, 2003



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Reserves

The concept of a reserve is not defined in the superannuation legislative framework. Under thecurrent APRA reporting standards, the assets reported to APRA as reserves represent the sum of allunallocated benefits of the fund and may include monies that are not formal reserves.2 Any capitalor reserves held by the trustee is not included.3

Stronger Super reforms

The level of reserves held by superannuation funds and amounts of capital held by trustees is likely tochange substantially for some funds and trustees with the introduction of the Stronger Super reforms.The Government has proposed the introduction of a new financial requirement in relation to operationalrisks. It is proposed that the new requirement will replace the current trustee capital requirements inthe Superannuation Industry Supervision (SIS) Act and will be determined in accordance with PrudentialStandard SPS 114 Operational Risk Financial Requirement, once this standard is introduced.4

The proposed Operational Risk Financial Requirement (ORFR) will require superannuation funds tomaintain and manage financial resources to cover operational risks. These resources can be held as fundreserves or trustee capital. The ORFR only addresses operational risk events, and will not impact the

need for reserves for purposes beyond responding to operational risks. The ORFR will apply to allsuperannuation entities regulated by APRA.

Although the purpose of reserves is not currently reported to APRA, APRA intends, as part of broaderreforms to its reporting framework, to seek more granular data on superannuation fund reserves andtrustee capital.

Superannuation funds may hold formal reserves for a number of reasons, including as part of theirrisk management strategy to meet unexpected costs arising from risks such as operational risks andself insurance. Around half (53 per cent) of APRA regulated superannuation funds held no reserves(unallocated benefits) within the fund at 30 June 2011. The proportion of funds with no formalreserves within the fund may be higher.

The proportion of total assets which are not allocated to member accounts shows the size ofreserves (unallocated benefits) for the population examined. Asset-weighted (or industryaggregate) averages weight the importance of a superannuation funds level of reserves by therelative size of the fund. The asset-weighted average level of reserves (unallocated benefits) forthe whole population examined was 0.34 per cent of total assets. Excluding funds that have noreserves (unallocated benefits) has a considerable impact on the average. Among funds that holdreserves (unallocated benefits) the asset-weighted average level of reserves (unallocated benefits)was 0.53 per cent of total assets, as shown in Table A.

2 Unallocated monies which are not formal reserves may include contributions and rollovers pending theirallocation to the accounts of specific fund members and accrued expenses and provisions for administrationexpenses, taxation and management or service provider fees.3

Public offer trustees are currently required to hold $5 million in capital under the requirements in s. 29DA ofthe Superannuation Industry (Supervision) Act 1993 (SIS Act) and r. 3A.04 of the SIS Regulations. Currentcapital requirements at the trustee level have been met through a number of different methods. The majority(65 per cent) of public offer trustees were using custodian or approved guarantee arrangements for capitalrequirements at 2010.4 APRA Discussion Paper: Prudential standards for superannuation, 28 September 2011.



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Table A: Level of reserves (unallocated benefits)a

Corporate IndustryPublic

sectorRetail Total

Number of funds 78 55 16 107 256

Total assets ($ million) 50,606 250,159 107,639 359,515 767,919

Reserves (unallocated benefits) ($million) 92 1,232 680 628 2,633

Reserves (unallocated benefits) as a proportion of

total assets 0.18% 0.49% 0.63% 0.17% 0.34%

Number of funds with reserves (unallocated benefits) 20 45 6 49 120

Total assets ($ million) 23,382 240,960 80,957 154,049 499,348

Reserves (unallocated benefits) as a proportion of

total assets 0.39% 0.51% 0.84% 0.41% 0.53%

June 2011

a256 APRA-regulated superannuation funds with more than four members. Funds with nil assets, PSTs, EPSSS, funds

with negative reserves and defined benefit funds excluded.

Currently, some funds may rely on access to financial support outside the fund, including supportfrom the employer sponsor (such as the government for some public sector funds) or the trustee.Differences in formal and informal access to support may be reflected in differences in the level ofreserves (unallocated benefits) held by fund type (industry, retail, public sector and corporate). 5The proportion of funds holding reserves varied between the four fund types, demonstrated inFigure A. Most industry funds (82 per cent) had reserves (unallocated benefits), while 46 per cent ofretail funds, 37 per cent of public sector funds and a quarter of corporate funds (26 per cent) hadreserves (unallocated benefits).

0%

20%

40%

60%

80%

100%

Corporate Public Sector Retail Industry All

Prop

ortion

offunds

Fund Type

Figure A : Proportion of funds with reserves (unallocated benefits) by fund typea

June 2011

a 256 APRA-regulated superannuation funds with more than four members. Funds with nil assets, PSTs, EPSSS, funds with negative reserves anddefined benefit funds excluded.

5 Trustees of not-for-profit funds generally do not have capital or access to it. Maintaining an operational riskreserve in the fund is one approach which can assist such trustees in satisfying the requirement to maintainadequacy of resources.Trustees of funds operated on a for-profit basis would generally charge trustee feesand would be less likely to maintain an operational risk reserve in the fund.



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Of the funds that had reserves (unallocated benefits), there is a range in the level of reserves(unallocated benefits) as a proportion of total assets. Figure B shows that 31 per cent ofsuperannuation funds had reserves (unallocated benefits) of more than 0.25 per cent of totalassets, while 16 per cent had reserves (unallocated benefits) that represented less than 0.25 percent of total assets. Any unallocated benefits which are not formal reserves, (such as anycontributions pending allocation to the accounts of specific fund members) would also influence thedifferences in level of reserves (unallocated benefits). Table B contains details of the distribution

of funds by level of reserves (unallocated benefits).

0%

10%

20%

30%

40%

50%

60%

Nil 0% - 0.1% 0.1% - 0.25% 0.25% - 0.5% > 0.5%

Proportion

off

unds

Level of reserves (reserves as a proportion of total assets)

Figure B : Distribution of funds by level of reserves (unallocated benefits)a

June 2011

a 256 APRA-regulated superannuation funds with more than four members. Funds with nil assets, PSTs, EPSSS, funds with negativereserves and defined benefit funds excluded.

Summary

Adequate levels of reserves and other financial resources are important to spread unexpected costsequitably across members and over time. At June 2011 around half (53 per cent) of superannuationfunds held no reserves (unallocated benefits) within the fund.

Currently, some funds may rely on access to financial support outside the fund, including supportfrom the employer sponsor or the trustee. This may affect the use and size of reserves held by thefund. Some 31 per cent of superannuation funds have reserves (unallocated benefits) of more than

0.25 per cent of total assets, while 16 per cent held reserves (unallocated benefits) thatrepresented less than 0.25 per cent of total assets.

The level of reserves held by superannuation funds and capital held by trustees is likely to changesubstantially for some funds and trustees with the introduction of the Stronger Super reforms. Thisis particularly relevant for funds which currently have no reserves.



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Appendix

Table B: Distribution of superannuation funds

by level of reserves (unallocated benefits) a

Corporate Industry Public Sector Retail Total

Nil 74% 18% 63% 54% 53%

0% - 0.1% 5% 11% 0% 9% 8%

0.1% - 0.25% 4% 5% 13% 12% 8%

0.25% - 0.5% 8% 16% 6% 7% 9%

> 0.5% 9% 49% 19% 18% 22%

Total number of funds 78 55 16 107 256

a 256 APRA-regulated superannuation funds with more than four members. Funds with nil assets, PSTs, EPSSS, funds

with negative reserves and defined benefit funds excluded.

June 2011



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Distribution of entities - June 2011

by fund type

Corporate 143 593 58.4 98.5

Industry 61 11,449 250.7 21.9

Public sector 39 3,373 210.6 62.5

Retail 143 15,063 369.7 24.5

Small 446,138 846 409.6 484.2

Pooled superannuation trusts 77 86.8

Balance of life office statutory funds 36.1

Total a 446,601 31,324 1,335.2

by regulatory classification

APRA regulated

Public offer super funds 183 21,784 619.2 28.4

Non public offer super funds 164 2,960 183.9 62.1

Approved deposit funds 95 7 0.2 20.8

Eligible rollover funds 16 4,750 5.3 1.1

Pooled superannuation trusts 77 86.8

Small APRA funds 3,519 5 2.0 435.8

Total 4,054 29,506 810.6

ATO regulated

Self-managed super funds 442,528 841 407.6 484.5

Other

Exempt schemes 19 977 80.9 82.8

Balance of life office statutory funds 36.1

Total a 446,601 31,324 1,335.2

by benefit structure

Accumulation c 446,370 16,458 745.6 45.3

Defined benefit 30 627 60.9 97.1

Hybrid 124 14,239 492.6 34.6

Total d 446,524 31,324 1,299.1

b Excludes exempt schemes that do not report to APRA.

c Funds with less than five members are assumed to be accumulation funds.

d Does not include balance of life office statutory funds or PSTs.

Financial performance 2010-2011 ($ billion)

Contributions

Employer contributions 68.1 71.4

Member contributions 30.5 32.5

Other contributions 1.4 0.9

Rollovers

Inward 82.7 96.0

Outward 75.4 86.2

Benefit payments

Lump sums 29.8 32.0

Pensions 28.5 31.7

Net investment income e 98.5 97.2

Total operating expenses 7.6 8.2

Net growth 132.5 137.4

Total assets 1,197.8 1,335.2

a Total assets does not include pooled superannuation trusts (PSTs).

e The net investment income figure for self-managed superannuation funds is an estimate supplied by the ATO and is net of all expenses.

2010

Key statistics

2011

Number of entitiesNumber of member accounts

('000)

Average account balance

('$000)

Assets

($ billion)

The number of superannuation entities is accurate as at 30 June 2011. These data include registered registrable superannuation entities (RSEs) and

unregistered RSEs. These unregistered RSEs are currently in the process of winding up or transferring trusteeship to an RSE licensee.



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Jun 2004 Jun 2005 Jun 2006 Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011

By functional classification

Corporate 1,405 962 555 287 226 190 168 143

Industry 106 90 80 72 70 67 65 61

Public Sector 42 43 45 40 40 40 39 39

Retail 232 228 192 176 169 166 154 143

Small 278,689 295,847 314,912 354,952 379,710 402,217 416,846 446,138

Pooled superannuation trusts 143 130 123 101 90 82 79 77

Total 280,617 297,300 315,907 355,628 380,305 402,762 417,351 446,601

By regulatory classification

Public offer super funds 296 265 250 225 216 207 196 183

Non public offer super funds 1,425 994 575 308 249 216 191 164

Exempt schemes 17 19 19 20 20 20 19 19

Approved deposit funds 258 222 181 155 140 116 107 95

Eligible rollover funds 15 16 18 17 16 16 16 16

Small APRA funds 7,843 7,108 6,665 6,017 5,539 4,277 3,869 3,519

Self-managed super funds 270,620 288,546 308,076 348,785 374,035 397,828 412,874 442,528


Total 280,617 297,300 315,907 355,628 380,305 402,762 417,351 446,601

By functional and regulatory

classification

Corporate


Non public offer super funds 1,324 909 515 258 201 171 149 127

Total 1,405 962 555 287 226 190 168 143

Industry


Non public offer super funds 76 61 37 32 31 28 25 21

Total 106 90 80 72 70 67 65 61

Public sector

Public offer super funds 3 2 3 3 3 4

Non public offer super funds 25 24 23 18 17 17 17 16

Exempt schemes 17 19 19 20 20 20 19 19

Total 42 43 45 40 40 40 39 39

Retail


Eligible rollover funds 15 16 18 17 16 16 16 16

Multi-member ADF 32 29 10 5 4 4 4 4

Total 232 228 192 176 169 166 154 143

Small

Small APRA funds 7,843 7,108 6,665 6,017 5,539 4,277 3,869 3,519

Single-member ADF 226 193 171 150 136 112 103 91

Self-managed super funds 270,620 288,546 308,076 348,785 374,035 397,828 412,874 442,528

Total 278,689 295,847 314,912 354,952 379,710 402,217 416,846 446,138


Total 280,617 297,300 315,907 355,628 380,305 402,762 417,351 446,601

Retirement savings accounts 10 9 8 8 8 9 6 6

Entities

Table 1 Number of superannuation entities - trends

The number of superannuation entities is accurate as at 30 June each year. These data include registered superannuation entities (RSEs)and unregistered RSEs. These unregistered RSEs are currently in the process of winding up or transferring trusteeship to a RSE Licensee.



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Number at June

2010Entrants a Exits b

Number at June

2011


Corporate 168 1 26 143

Industry 65 0 4 61

Public sector 39 0 0 39

Retail 154 5 16 143

Small 416,846 32,934 3,642 446,138

Pooled superannuation trusts 79 0 2 77

Total 417,351 32,940 3,690 446,601


Public offer super funds 196 8 21 183

Non public offer super funds 191 1 28 164

Exempt public sector schemes 19 0 0 19

Approved deposit funds 107 0 12 95

Eligible rollover funds 16 0 0 16

Small APRA funds 3,869 59 409 3,519

Self-managed super funds 412,874 32,875 3,221 442,528

Pooled superannuation trusts 79 0 2 77

Total 417,351 32,943 3,693 446,601

Funds can switch between functional and/or regulatory classifications.a Entrants include new entity elections and entities transferring between regulators.

b Exits include entities that have wound up and entities transferring between regulators.

1 July 2010 - 30 June 2011

Table 2 Superannuation entity movements



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Corporate 774 697 605 665 661 662 623 593

Industry 8,946 9,270 9,948 10,629 11,266 11,551 11,516 11,449

Public Sector 2,707 2,758 2,891 2,925 3,002 3,095 3,131 3,373

Retail 13,764 14,434 14,970 15,472 16,308 16,574 16,797 15,063

Small 534 567 602 674 717 762 790 846

Total 26,725 27,726 29,015 30,366 31,954 32,645 32,858 31,324


Public offer super funds 15,914 16,509 19,490 20,176 20,996 21,465 21,734 21,784

Non public offer super funds 4,367 4,271 2,712 2,836 2,866 2,865 3,197 2,960

Exempt schemes 1,761 1,774 1,390 1,427 1,458 1,493 974 977

Approved deposit funds 36 18 12 10 9 9 8 7

Eligible rollover funds 4,114 4,588 4,811 5,244 5,909 6,052 6,156 4,750

Small APRA funds 11 10 10 8 7 6 5 5

Self-managed super funds 522 557 592 665 710 756 785 841

Total 26,725 27,726 29,015 30,366 31,954 32,645 32,858 31,324


classification

Corporate


Non public offer super funds657 597 524 508 506 505 467 438

Total 774 697 605 665 661 662 623 593

Industry


Non public offer super funds 2,764 2,689 1,279 1,378 1,375 1,341 1,161 974

Total 8,946 9,270 9,948 10,629 11,266 11,551 11,516 11,449

Public sector

Public offer super funds 593 549 560 583 588 848

Non public offer super funds 947 984 908 950 984 1,019 1,569 1,548

Exempt schemes 1,761 1,774 1,390 1,427 1,458 1,493 974 977

Total 2,707 2,758 2,891 2,925 3,002 3,095 3,131 3,373

Retail


Eligible rollover funds 4,114 4,588 4,811 5,244 5,909 6,052 6,156 4,750

Multi-member ADF 36 18 12 10 9 9 8 7

Total 13,764 14,434 14,970 15,472 16,308 16,574 16,797 15,063

Small

Small APRA funds and single

member ADFs 11 10 10 8 7 6 5 5

Self-managed super funds 522 557 592 665 710 756 785 841

Total 534 567 602 674 717 762 790 846

Total 26,725 27,726 29,015 30,366 31,954 32,645 32,858 31,324

Table 3 Number of member accounts - trends

Members

(thousands)



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< 35 yrs 35 - 49 yrs 50 - 59 yrs 60 - 65 yrs > 65 yrs Total

Corporate 203 240 102 30 17 593

Industry 5,771 3,527 1,483 470 199 11,449

Public sector 788 1,242 783 288 272 3,373

Retail 5,445 5,588 2,414 948 668 15,063

Total 12,207 10,597 4,782 1,736 1,156 30,478


Corporate 34% 41% 17% 5% 3% 100%

Industry 50% 31% 13% 4% 2% 100%

Public sector 23% 37% 23% 9% 8% 100%

Retail 36% 37% 16% 6% 4% 100%

Total 40% 35% 16% 6% 4% 100%

Year end June 2011

(thousands)

Entities with more than four members

Table 4 Age segmentation of member accounts by fund type



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Corporate 3,621 20,516 20,390 7,580 3,806 55,914

Industry 40,039 82,656 69,256 33,362 16,886 242,199

Public sector a 23,702 112,414 133,642 60,609 50,460 380,828

Retail 26,015 90,209 96,643 76,174 76,130 365,172

Total 93,377 305,796 319,932 177,726 147,283 1,044,114


Corporate 7% 37% 37% 14% 7% 100%

Industry 17% 34% 29% 14% 7% 100%

Public sector a 6% 30% 35% 16% 13% 100%

Retail 7% 25% 27% 21% 21% 100%

Total 9% 29% 31% 17% 14% 100%

Due to unfunded components of public sector funds, total vested benefits may be larger than net assets.

Table 5 Age segmentation of vested benefits by fund typeYear end June 2011

($ million)




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Corporate Industry Public sector Retail Total

Member accounts June 2010 623 11,516 3,131 16,797 32,068

Exits during the year

Death 1 12 5 21 39

Retirement 3 99 45 96 243

Retrenchment / Redundancy 4 3 1 5 12

Disablement 0 9 11 3 23

Resignation 24 241 52 231 546

To eligible rollover funds 9 209 7 930 1,155

Other exits 47 1,227 35 2,866 4,175

Total 89 1,799 155 4,150 6,193

Entrants during the year

Personal members 2 104 18 593 718

Employer sponsored members 55 1,568 363 774 2,760

Other entrants 1 59 16 1,049 1,125

Total 58 1,732 397 2,416 4,603

Net entrants -30 -68 241 -1,734 -1,590

Member accounts June 2011 593 11,449 3,373 15,063 30,478

Table 6 Member accounts: flows and typesYear end June 2011

(thousands)




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Total assets at the beginning of the

financial year 546,719 634,576 750,967 903,609 1,171,928 1,127,735 1,065,317 1,197,798

Contributions

Employer 40,205 43,165 46,374 66,823 67,604 70,392 68,087 71,409

Member 18,258 24,399 27,292 95,350 47,415 33,989 30,534 32,534

Other 1,858 605 1,156 1,618 1,313 1,085 1,358 874

Total contributions 60,322 68,170 74,823 163,791 116,332 105,467 99,979 104,817

Rollovers a

Inward 42,266 49,163 85,957 70,246 84,237 57,353 82,660 96,005

Outward 30,225 44,002 74,237 61,681 76,282 46,867 75,433 86,221

Net rollovers 12,042 5,161 11,720 8,565 7,955 10,487 7,227 9,784

Benefit payments

Lump sum 21,392 21,880 20,290 22,712 37,795 28,514 29,797 31,988

Pensions 13,127 10,407 13,642 18,098 26,264 29,445 28,522 31,662

Total benefit payments 34,520 32,287 33,932 40,809 64,059 57,959 58,320 63,650

Net contribution flows 37,844 41,044 52,611 131,547 60,228 57,995 48,886 50,952

Net investment incomeb 80,979 86,228 110,141 152,222 -83,661 -106,155 98,542 97,152

Total operating expenses 4,392 5,169 5,025 8,225 7,477 7,263 7,625 8,245

Other changesc

-23,293 -7,655 -6,288 -6,632 -8,829 -4,079 -8,108 -3,041

Change in the balance of -3,281 1,943 1,203 -592 -4,455 -2,915 786 586

life office statutory funds

Net growth 87,857 116,391 152,642 268,320 -44,193 -62,418 132,481 137,404

Total assets at the end of the

financial year 634,576 750,967 903,609 1,171,928 1,127,735 1,065,317 1,197,798 1,335,202

c Other changes is calculated as the residual of net growth, net contribution flows, net investment income and operating expenses. Tax expenses and

other items not included in this table are included in other changes.

Table 7 Financial performance - trends

Financials

($ million)

This table does not include pooled superannuation trusts as their assets are captured by other superannuation entity categories.

a Inward and outward rollovers are not equal as balance of l ife office statutory funds and RSAs are not reported in this table. This table therefore does

not represent the entire superannuation industry.

b The net investment income figure for self-managed superannuation funds is an estimate supplied by the ATO and is net of all expenses.



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Table 8 Financial performance by fund type

($ million)


Net assets at beginning of financial year 55,314 219,451 169,959 338,194 782,918

Contributions

Employer 3,544 23,372 19,840 17,259 64,014

Member 334 2,724 3,843 9,460 16,361

Other 30 296 186 360 872

Total contributions 3,908 26,391 23,869 27,079 81,248

Contribution tax and surcharge 531 3,471 1,704 2,676 8,382

Rollovers

Inward 869 13,022 13,474 53,087 80,452

Outward 5,118 21,531 4,968 49,845 81,463

Net rollovers -4,249 -8,509 8,505 3,242 -1,011

Benefit payments

Lump sums 947 6,860 5,649 11,711 25,167

Pensions 507 1,574 11,073 6,752 19,905

Total benefit payments 1,454 8,433 16,721 18,463 45,072

Net contribution flows -1,795 9,449 15,653 11,858 35,165

Death and disability insurance

Total proceeds on insurance policies 72 940 152 736 1,901

Cost of member benefit insurance 105 1,506 282 2,120 4,013

Net flows -2,358 5,411 13,820 7,798 24,671

Investment income

Investment income after doubtful debts 2,560 11,419 6,997 9,141 30,118

Gains / losses on investments 2,137 11,255 10,051 15,420 38,864

Total investment income 4,698 22,675 17,049 24,561 68,982

Investment expenses

Investment management fees 103 700 396 367 1,567

Custodian fees 15 59 32 19 125

Property maintenance costs 22 34 10 0 66

Asset consultant fees 6 12 4 0 23

Other investment expenses 14 82 23 1 120

Total investment expenses 159 887 466 388 1,900

Net investment income 4,538 21,788 16,583 24,173 67,082

Operating expenses

Interest expense 0 0 0 0 0

Management fees (non-investment) 32 47 13 970 1,062

Administration fees 98 855 334 1,168 2,456

Actuary fees 3 1 1 2 7

Directors/trustees fees & expenses 6 69 6 383 464

Total fees paid to audit firm 6 9 5 2 22

Other operating expenses 39 184 83 206 512

Total operating expenses 185 1,164 442 2,732 4,523

Other income 8 57 52 217 335

Net earnings 4,362 20,681 16,193 21,658 62,894

Tax expense on earnings 214 784 506 -440 1,064

Net earnings after tax 4,148 19,897 15,687 22,098 61,830

Net operating performance after tax 1,790 25,308 29,507 29,896 86,501

Other changes a 31 3 241 232 507

Net assets at the end of financial year 57,134 244,762 199,707 368,322 869,926

aOther changes is calculated as the residual of net assets at the beginning and end of the period and net operating performance after tax. This item

includes movements in liabilities over the year and any other reconciling items.

Year end June 2011




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Corporate 50.5 52.2 52.2 69.1 59.7 55.4 56.4 58.4

Industry 94.0 119.4 150.3 197.4 201.3 191.8 226.1 250.7Public sector 112.1 129.0 152.7 177.6 170.6 151.9 172.9 210.6

Retail 207.5 244.5 298.9 369.9 337.1 305.4 339.5 369.7

Small 130.3 163.5 206.1 315.1 320.7 326.1 367.5 409.6

Sub total 594.3 708.7 860.2 1,129.1 1,089.3 1,030.6 1,162.3 1,299.1

Pooled superannuation trusts 40.7 45.5 58.9 83.6 78.6 69.7 79.2 86.8

Balance of life office statutory funds 40.3 42.2 43.4 42.9 38.4 34.7 35.5 36.1

Total a 634.6 751.0 903.6 1,171.9 1,127.7 1,065.3 1,197.8 1,335.2


Public offer super funds 258.5 310.0 430.9 544.9 517.4 478.5 546.8 619.2

Non public offer super funds 129.4 147.2 130.3 153.4 142.2 130.2 168.0 183.9

Exempt schemes 71.1 82.7 87.1 109.7 103.4 90.6 74.6 80.9

Approve epost un s 0.7 0.4 0.3 0.3 0.2 0.2 0.2 0.2

Eligible rollover funds 4.3 5.0 5.5 5.7 5.5 5.2 5.4 5.3Small APRA funds 3.1 3.1 3.4 3.6 2.5 2.0 2.0 2.0

Self-managed super funds 127.1 160.3 202.6 311.4 318.1 324.1 365.5 407.6


Balance of statutory funds 40.3 42.2 43.4 42.9 38.4 34.7 35.5 36.1

Totala

634.6 751.0 903.6 1,171.9 1,127.7 1,065.3 1,197.8 1,335.2


classification

Corporate



Total 50.5 52.2 52.2 69.1 59.7 55.4 56.4 58.4

Industry



Total 94.0 119.4 150.3 197.4 201.3 191.8 226.1 250.7

Public sector

Public offer super funds 23.4 17.8 18.2 18.5 21.5 36.3


Exempt schemes 71.1 82.7 87.1 109.7 103.4 90.6 74.6 80.9

Total 112.1 129.0 152.7 177.6 170.6 151.9 172.9 210.6

Retail


Eligible rollover funds 4.3 5.0 5.5 5.7 5.5 5.2 5.4 5.3

Multi-member ADF 0.6 0.3 0.3 0.2 0.2 0.1 0.1 0.1

Total 207.5 244.5 298.9 369.9 337.1 305.4 339.5 369.7

Small

Small APRA funds 3.1 3.1 3.4 3.6 2.5 2.0 2.0 2.0

Single member ADFs 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0

Self-managed super funds 127.1 160.3 202.6 311.4 318.1 324.1 365.5 407.6

Total 130.3 163.5 206.1 315.1 320.7 326.1 367.5 409.6

Balance of life office statutory funds 40.3 42.2 43.4 42.9 38.4 34.7 35.5 36.1

Total 634.7 750.8 903.6 1,171.9 1,127.7 1,065.3 1,197.8 1,335.2


Retirement savings accounts 1.1 1.0 0.9 1.2 1.2 1.5 1.2 1.3

Table 9 Superannuation total assets - trends

($ billion)

a Pooled superannuation trusts are not included in total assets as their assets are captured in other superannuation entity categories.



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Assets

Receivables 910 2,337 1,233 3,510 7,991

Investments

Cash and deposits 2,943 17,708 7,175 19,650 47,476

Placements and loans 6,882 19,906 31,427 4,508 62,723

Equities 16,682 95,228 68,527 13,065 193,503

Property holdings 513 1,972 2,589 7 5,081

Investment managers:

Pooled super trusts 4,381 13,456 49,911 31,388 99,136

Wholesale trusts 19,269 83,637 37,070 97,544 237,520

Life office funds 5,743 3,285 936 150,921 160,885

Unlisted public offer unit trusts 251 8,104 1,346 47,014 56,715

Other investments 472 3,575 9,341 428 13,817

Deferred tax assets 384 1,469 1,080 1,708 4,641

Total assets 58,432 250,677 210,635 369,743 889,487

Liabilities

Derivative financial instruments 182 1,815 8,701 0 10,698

Borrowings 171 493 8 0 673

Current tax liabilities 241 1,617 1,020 727 3,605

Deferred tax liabilities 48 253 205 4 509

Sundry creditors 655 1,738 994 690 4,077

Total liabilities 1,298 5,915 10,928 1,421 19,561

Net assets to pay benefits 57,134 244,762 199,707 368,322 869,926

of which:

Liability for allocated accrued benefits 56,842 243,528 214,432 367,694 882,495

Reserves (unallocated benefits) 111 1,234 804 628 2,777

Excess/deficiency of assets 182 0 -15,528 0 -15,347

Table 10 Financial position by fund typeYear end June 2011

($ million)




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Net assets at the beginning of the

financial year ($m) 55,314 219,451 169,959 338,194 782,918

Net investment income ($m) 4,538 21,788 16,583 24,173 67,082

Other income ($m) 8 57 52 217 335

Net flows ($m) -2,358 5,411 13,820 7,798 24,671

Total operating expense ($m) 185 1,164 442 2,732 4,523

Tax expense on earnings ($m) 214 784 506 -440 1,064

Net earnings after tax ($m) 4,148 19,897 15,687 22,098 61,830

Cash flow adjusted net assets ($m) 54,134 222,156 176,869 342,093 795,253

Rate of return (%) 7.7% 9.0% 8.9% 6.5% 7.8%

Total assets ( m) for entities with more

than four members 58,432 250,677 210,635 369,743 889,487

Total member accounts ('000) for entities

with more than four members 593 11,449 3,373 15,063 30,478

Average account balance ($) a 98,493 21,895 62,456 24,546 29,185

Year end June 2011


a Excluding ERFs and ADFs, the average account balance for retail funds is $35,345. The average account balance for public sector funds is based

on the funded portion of their benefits only.

Table 11 Entity ratios by fund type



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Table 12 Entity ratios by fund type - trends



All entities


financial year ($m) 372,890 371,233 384,250 456,028 535,656 641,788 794,695 756,463 695,375 782,918

Net investment income ($m) -13,236 -1,064 51,907 61,420 78,594 105,024 -68,571 -91,923 68,033 67,082

Other income ($m) 901 902 333 157 203 295 373 291 332 335

Net flows ($m) 29,530 30,131 22,117 25,965 32,838 56,857 33,066 26,959 24,690 24,671

Total operating expense ($m) 4,397 4,712 2,378 2,716 3,076 3,656 3,961 3,780 4,115 4,523

Tax expense on earnings ($m) 2,178 3,316 1,685 1,692 2,323 4,405 -6,127 -7,025 1,012 1,064

Net earnings after tax ($m) -18,910 -8,190 48,178 57,165 73,399 97,258 -66,032 -88,387 63,238 61,830

Cash flow adjusted net assets ($m) 387,655 386,298 395,309 469,011 552,075 670,217 811,228 769,943 707,719 795,253

Rate of return (%) -4.9% -2.1% 12.2% 12.2% 13.3% 14.5% -8.1% -11.5% 8.9% 7.8%


Corporate


financial year ($m) 62,556 53,338 47,852 49,351 50,923 60,002 66,565 58,143 54,103 55,314

Net investment income ($m) -1,487 -775 6,348 6,480 7,153 9,736 -6,453 -5,216 5,326 4,538

Other income ($m) 159 134 18 12 12 24 13 15 10 8

Net flows -2,409 194 545 -4,376 -6,820 -2,528 -2,957 332 -3,331 -2,358

Total operating expense ($m) 681 609 214 165 160 175 177 173 184 185

Tax expense on earnings ($m) 288 543 271 268 370 590 -595 -594 232 214

Net earnings after tax ($ m) -2,296 -1,793 5,881 6,058 6,635 8,995 -6,021 -4,779 4,920 4,148


Rate of return (%) -3.7% -3.4% 12.2% 12.8% 14.0% 15.3% -9.3% -8.2% 9.4% 7.7%

Industry


financial year ($m) 67,078 62,782 72,168 91,604 115,190 144,873 188,846 195,744 187,425 219,451

Net investment income ($m) -1,649 881 11,503 13,984 17,793 27,216 -13,283 -26,159 18,696 21,788

Other income ($m) 228 216 49 20 47 38 91 45 58 57

Net flows 7,702 9,433 9,618 10,790 16,592 19,366 20,584 15,386 15,410 5,411

Total operating expense ($m) 893 1,028 473 531 593 744 852 970 1,033 1,164

Tax expense on earnings ($m) 857 1,315 733 691 1,065 1,804 -2,013 -3,381 1,105 784



Rate of return (%) -4.5% -1.8% 13.4% 13.2% 13.1% 16.0% -6.0% -11.7% 8.5% 9.0%



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Table 12 Entity ratios by fund type - trends (continued)



Public sector


financial year ($m) 97,521 89,734 91,276 109,157 126,803 140,450 172,996 167,168 149,738 169,959


Other income ($m) -122 26 78 79 17 16 22 60 67 52

Net flows 1,608 4,908 2,464 1,644 3,735 10,307 4,051 3,447 5,254 13,820

Total operating expense ($m) 515 525 87 299 272 311 381 400 396 442

Tax expense on earnings ($m) -50 194 404 366 479 1,105 -1,162 -1,772 23 506

Net earnings after tax ($ m) -5,667 -870 12,816 15,484 19,178 21,971 -10,164 -20,811 14,963 15,687


Rate of return (%) -5.8% -0.9% 13.9% 14.1% 14.9% 15.1% -5.8% -12.3% 9.8% 8.9%

Retail


financial year ($m) 145,735 165,379 172,953 205,916 242,740 296,463 366,288 335,408 304,109 338,194


Other income ($m) 636 526 188 46 127 217 247 171 198 217

Net flows 22,629 15,597 9,490 17,907 19,331 29,712 11,388 7,794 7,356 7,798

Total operating expense ($m) 2,309 2,551 1,604 1,721 2,051 2,428 2,551 2,236 2,503 2,732

Tax expense on earnings ($m) 1,083 1,264 277 367 409 905 -2,358 -1,278 -347 -440



Rate of return (%) -5.0% -2.5% 10.8% 10.6% 12.4% 13.4% -10.2% -11.5% 8.7% 6.5%



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Average R OR Volatility

All entities -4.9% -2.1% 12.2% 12.2% 13.3% 14.5% -8.1% -11.5% 8.9% 7.8% 3.8% 9.9%

Corporate -3.7% -3.4% 12.2% 12.8% 14.0% 15.3% -9.3% -8.2% 9.4% 7.7% 4.3% 9.7%

Industry -4.5% -1.8% 13.4% 13.2% 13.1% 16.0% -6.0% -11.7% 8.5% 9.0% 4.5% 9.9%

Public sector -5.8% -0.9% 13.9% 14.1% 14.9% 15.1% -5.8% -12.3% 9.8% 8.9% 4.7% 10.4%

Retail -5.0% -2.5% 10.8% 10.6% 12.4% 13.4% -10.2% -11.5% 8.7% 6.5% 2.9% 9.6%

Jun 2010

2002 - 2011

Table 13 Rate of return (ROR) and volatility


Jun 2002 Jun 2003 Jun 2004 Jun 2005 Jun 2006 Jun 2007 Jun 2008 Jun 2009 Jun 2011



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Directly

invested

Placed with an

investment

manager

Invested in life office

statutory fundsTotal

June 1995 68,559 74,450 86,056 229,065

June 1996 84,066 83,526 94,318 261,910

June 1997 80,908 123,901 116,244 321,052

June 1998 98,027 140,229 122,024 360,280

June 1999 118,867 155,323 137,221 411,411

June 2000 144,488 186,905 152,829 484,223

June 2001 158,576 201,440 159,014 519,030

June 2002 170,121 191,099 156,880 518,100

June 2003 187,378 203,135 156,288 546,802

June 2004 224,587 243,632 166,358 634,576

June 2005 258,335 311,125 181,507 750,967

June 2006 324,187 378,101 201,321 903,609

June 2007 462,139 484,415 225,375 1,171,928

June 2008 447,960 474,924 204,850 1,127,735

June 2009 456,876 426,539 181,902 1,065,317

June 2010 520,577 478,941 198,280 1,197,798

June 2011 577,613 551,628 205,961 1,335,202

Table 14 Manner of investment - trends

($ million)



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Accumulation Defined Benefit Hybrid Total

Totals

Entities 232 30 124 386

Members ('000) 15,612 627 14,239 30,478

Assets ($m) 335,987 60,898 492,602 889,487


Corporate

Entities 52 17 74 143

Members ('000) 82 9 502 593

Assets ($m) 2,414 542 55,476 58,432

Industry

Entities 45 0 16 61

Members ('000) 5,331 0 6,118 11,449

Assets ($m) 101,139 0 149,538 250,677

Public sector

Entities 7 12 20 39

Members ('000) 434 616 2,322 3,373

Assets ($m) 17,663 60,319 132,653 210,635

Retail

Entities 128 1 14 143

Members ('000) 9,766 1 5,296 15,063

Assets ($m) 214,770 38 154,935 369,743

Year end June 2011


Table 15 Structure of retirement benefits



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Accumulation Defined benefit Hybrid Total Accumulation Defined benefit b

June 1995 71,164 35,216 56,108 162,488

June 1996 89,284 39,369 62,126 190,779

June 1997 111,404 33,083 86,699 231,186

June 1998 129,428 36,194 95,177 260,799

June 1999 152,385 27,166 125,805 305,357

June 2000 179,375 24,262 147,689 351,326

June 2001 208,290 24,188 156,420 388,898

June 2002 218,112 18,600 147,504 384,217

June 2003 220,815 17,642 155,572 394,029

June 2004 283,589 19,449 160,943 463,981

June 2005 270,480 49,585 225,132 545,197 412,710 132,487

June 2006 297,399 56,392 300,264 654,055 510,484 143,571

June 2007 372,375 71,285 370,304 813,964 643,989 169,974

June 2008 349,280 64,137 355,216 768,633 615,918 152,715

June 2009 322,106 53,492 328,929 704,527 572,981 131,546

June 2010 357,037 57,870 379,925 794,832 654,995 139,838

June 2011 335,987 60,898 492,602 889,487 731,307 158,180

b Defined benefit assets include defined benefit members who may also have an accumulation component.

Estimated assets by

member benefit type aActual assets by fund structure

Table 16 Structure of retirement benefits (assets) - trends($ million)


a Estimates of retirement benefits have been determined from 2005 onwards. Refer to explanatory notes for further information.



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Corporate Industry Public sector Retail a Total

Number of entities with more than four members 143 61 39 143 386

Number of entities offering investment choice 74 58 28 105 266

Proportion of entities offering investment choice 52.0% 94.7% 71.8% 73.6% 68.8%

6 10 9 255 105

Total assets ($m) 58,432 250,677 210,635 369,743 889,487

Assets of entities offering investment choice ($m) 55,420 250,393 206,723 350,137 862,673

Assets in entities offering investment choice 94.8% 99.9% 98.1% 94.7% 97.0%

31,016 160,429 108,559 76,007 376,011

Proportion of assets in the default strategy 53.1% 64.0% 51.5% 20.6% 42.3%

cFunds may have more than one default investment strategy, in which instance the largest default strategy is generally reported. Where there

is no default strategy, funds may report the strategy of the largest option or the strategy of the whole fund.

a

Excluding ADFs and ERFs, 82 per cent of retail superannuation funds offer investment choice.

Assets in default investment strategyc($m)

Investment choice

Year end June 2011

Average number of investment choices offered per

entityb


Table 17 Investment choice by fund type

bThe average number of investment choices offered per entity refers to those entities that offer investment choice.



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Australian shares 9,949 49,420 30,207 18,754 108,330

International shares 7,874 37,069 27,787 15,814 88,542

Listed property 806 2,068 3,358 3,091 9,324

Unlisted property 1,774 16,104 6,665 1,923 26,467

Australian fixed interest 4,093 8,705 9,350 15,522 37,671

International fixed interest 2,147 10,957 5,642 4,644 23,389

Cash 1,983 9,025 9,821 10,645 31,474

Other assets 2,390 27,079 15,729 5,615 50,813

Total default strategy assets a 31,016 160,429 108,559 76,007 376,011

Total assets 58,432 250,677 210,635 369,743 889,487


Proportion of assets

Australian shares 32% 31% 28% 25% 29%

International shares 25% 23% 26% 21% 24%

Listed property 3% 1% 3% 4% 3%

Unlisted property 6% 10% 6% 3% 7%

Australian fixed interest 13% 5% 9% 20% 10%

International fixed interest 7% 7% 5% 6% 6%

Cash 6% 6% 9% 14% 8%

Other assets 8% 17% 15% 7% 14%

Total 100% 100% 100% 100% 100%

a Funds may have more than one default investment strategy, in which instance the largest default strategy is generally reported.

Where there is no default strategy, funds may report the strategy of the largest option or the strategy of the whole fund.

Table 18 Asset allocation of default investment strategyYear end June 2011


($ million)



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Other statistics and information

Key dates affecting the superannuation statistics

1986:

1992:

1993:

1999:

2002:

2003:

2003:

2004:

2005:

2006:

2007:

2010:

Super Guarantee Rates (where employer's base payroll is above $1 million)

Year Rate

1992/93 5%

1993/94 5%

1994/95 5%

1995/96 6%

1996/97 6%1997/98 6%

1998/99 7%

1999/00 7%

2000/01 8%

2001/02 8%

2002/03 and subsequent years 9%

Superannuation Coverage

92 % - all employed persons

Source: Australian Taxation Office, June 2008

Further sources of information

Australian Taxation Office (ATO)

www.ato.gov.au (refer superannuation section)

Australian Securities and Investments Commission (ASIC)

www.asic.gov.au

Australian Bureau of Statistics (ABS)

www.abs.gov.au

Superannuation (Unclaimed and money and lost members) Act 1999 amended.

Government policy on superannuation co-contributions extended.

Compulsory portability of benefits introduced.

APRA superannuation licensing introduced from 1 July 2004 with a two year transition period.

Choice of fund legislation introduced.

Simplified Superannuation introduced from 1 July 2007.

Compulsory portability of benefits extended.

Contribution Surcharge Tax abolished from 1 July

June 2011 Annual Superannuation Bulletin

Documents

Transcript of June 2011 Annual Superannuation Bulletin