as construction or hospitality) although many are now open to the public (‘public offer’). Public sector funds (18 funds holding $443.4 billion in assets) are classified by APRA as ‘not for profit’. Public sector funds cater to government employees. Employers may contribute more than the minimum 9.5% Superannuation Guarantee. Retail funds (123 funds holding $602.6 billion in assets) are classified by APRA as ‘for profit’ (owner aims to retain some profit from running the fund). Retail funds are usually run by banks and investment companies and generally have a large number of investment options. There are two types of APRA-regulated rollover funds which cannot receive employer contributions in the same way as other superannuation funds. Approved deposit funds (ADFs) can receive, hold and invest certain types of rollovers (such as eligible termination payments) until funds are withdrawn or a condition of release is satisfied. Eligible rollover funds (ERFs) are superannuation funds or ADFs which can receive benefits automatically rolled over from other funds. ERFs typically accept monies from other funds where a member has become ‘lost’. APRA also regulates pooled superannuation trusts (PSTs) which are trusts in which regulated superannuation funds, approved deposit funds and other PSTs invest. The assets of PSTs are not included in total superannuation assets, as all of their assets will be captured in other superannuation entity categories. As at 31 March 2018, both industry and retail funds each held around 35% of the assets of APRAregulated funds (see Chart 14). Chart 14: Share of assets held by APRA-regulated superannuation funds, as at 31 March 2018 Calculation of these percentages does not include funds which are not regulated by APRA. Source: APRA Between 30 June 2007 and 30 June 2017, the share of assets in industry and public sector funds has increased, while the percentage held in retail funds has decreased (see Chart 15). Chart 15: Change in share of assets held by APRA-regulated superannuation funds, 2007 to 2017 2007 2017 Calculation of these percentages does not include funds which are not regulated by APRA. Source: APRA
as construction or hospitality) although many are now open to the public (‘public offer’). Public sector funds (18 funds holding $443.4 billion in assets) are classified by APRA as ‘not for profit’. Public sector funds cater to government employees. Employers may contribute more than the minimum 9.5% Superannuation Guarantee. Retail funds (123 funds holding $602.6 billion in assets) are classified by APRA as ‘for profit’ (owner aims to retain some profit from running the fund). Retail funds are usually run by banks and investment companies and generally have a large number of investment options. There are two types of APRA-regulated rollover funds which cannot receive employer contributions in the same way as other superannuation funds. Approved deposit funds (ADFs) can receive, hold and invest certain types of rollovers (such as eligible termination payments) until funds are withdrawn or a condition of release is satisfied. Eligible rollover funds (ERFs) are superannuation funds or ADFs which can receive benefits automatically rolled over from other funds. ERFs typically accept monies from other funds where a member has become ‘lost’. APRA also regulates pooled superannuation trusts (PSTs) which are trusts in which regulated superannuation funds, approved deposit funds and other PSTs invest. The assets of PSTs are not included in total superannuation assets, as all of their assets will be captured in other superannuation entity categories. As at 31 March 2018, both industry and retail funds each held around 35% of the assets of APRAregulated funds (see Chart 14). Chart 14: Share of assets held by APRA-regulated superannuation funds, as at 31 March 2018 Calculation of these percentages does not include funds which are not regulated by APRA. Source: APRA Between 30 June 2007 and 30 June 2017, the share of assets in industry and public sector funds has increased, while the percentage held in retail funds has decreased (see Chart 15). Chart 15: Change in share of assets held by APRA-regulated superannuation funds, 2007 to 2017 2007 2017 Calculation of these percentages does not include funds which are not regulated by APRA. Source: APRA
FSRC-background-paper-22.docx