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» Overview of industry superannuation

Date published: 23/04/2011

Overview of industry superannuation

There are 16 Industry Super Funds (Australian Super, Cbus, HESTA, HOSTPLUS, MTAA Super, Care Super, LUCRF Super, Media Super, NGS Super, TWUSUPER, AustSafe, First Super, legalsuper, REI Super, SPEC Super, Aus(Q)) with a balance of funds under management amounting to in excess of A$94 billion, with over 5 million members as at 30 June 2010.

Table 1 below shows the balance of funds under management with each Industry Super Fund with Australian Super by far the biggest with A$32 billion under management - it is double the size of the next largest, HESTA, with A$15 billion under management.

Table 2 below shows that again Australian Super is the biggest with 1.5 million members followed by HOSTPLUS with 1 million members.

Looking at the average balance of super per member shows NGS Super with the highest amount of A$39 thousand per member followed by legalsuper of A$34 thousand. This average balance per member is not an actuarial calculation and the actual balance will depend on amount of contribution, duration of membership and the age of the members. However, the low value is a sobering reminder of how underfunded Australians are in preparing for their retirement.

For more information, or to discuss your specific situation, please contact me directly.

Vas Banschikov
www.SuperInvestor.com.au

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