Wed, 5th Jun 2024

This week on the Financial Services Online Weekly Superannuation News Wrap, a surge in transfers from industry super funds to self-managed superannuation funds (SMSFs) was noted by WealthData. This trend followed retail funds reflecting similar returns to those of industry funds. Nevertheless, industry super funds maintain a 34.9% market share while SMSFs and retail funds hold a 25% and 20.3% share respectively. A significant rise has also been observed in industry fund pension payouts, from $1.49 billion in 2020 to $3.07 billion recently. The Investment Trends 2024 Super Member Engagement Report points towards an increase in member engagement, especially for those with higher balances. This shift may be indicative of more consumers focusing on retirement planning and taking greater control of their futures. For more, tune in to Financial Services Online.