Original article by Anthony Keane
The Australian – Page: 20 : 9-Apr-21
Data from the Australian Prudential Regulation Authority shows that some of the nation’s largest superannuation funds recorded overall growth in members in 2019-20. However, seven out of 10 super funds had a net loss of members during the financial year, particularly retail funds. The federal government’s early access scheme contributed to the closure of some super accounts, but Association of Superannuation Funds of Australia CEO Martin Fahy says the main factor was the federal government’s policy of consolidating accounts with low balances.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED