Choice
Rule – July 1, 2005
The superannuation fund choice legislation comes into
effect from 1 July 2005. This legislation will give
employees a choice as to the fund into which the
employer is required to make superannuation fund
contributions under the Superannuation Guarantee
legislation.
Newsletter regarding the superannuation changes
occurring at 1 July 2007.
Australian
Superannuation industry
-
Total superannuation assets increased by 4.6 per
cent during the June quarter (2004)and now stand at
$625.2 billion.
-
The number of member accounts rose 1.8 per cent
during the quarter and now stand at approximately
26.5 million.
-
Contributions received during the quarter to June
2004 totalled $17.2 billion, a 27.1 per cent
increase on the previous quarter.
-
Net
contributions (that is, contributions less benefits)
during the quarter to June 2004 were $9.8 billion,
an increase of 7.2 per cent on the previous June
quarter.
-
Average pool size per member is
$24,000
Source:
Australian Super Industry APRA 2004.
