{"id":16816,"date":"2023-11-14T09:59:34","date_gmt":"2023-11-13T22:59:34","guid":{"rendered":"https:\/\/www.accurium.com.au\/?post_type=articles&#038;p=16816"},"modified":"2023-11-15T09:55:53","modified_gmt":"2023-11-14T22:55:53","slug":"smsf-sector-outperforming-apra-funds-on-retirement-income","status":"publish","type":"articles","link":"https:\/\/www.accurium.com.au\/articles\/2023\/11\/smsf-sector-outperforming-apra-funds-on-retirement-income\/","title":{"rendered":"SMSF sector outperforming APRA funds on retirement income\u00a0"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16816\" class=\"elementor elementor-16816\" data-elementor-post-type=\"articles\">\n\t\t\t\t<div class=\"elementor-element elementor-element-13bc34c e-flex e-con-boxed e-con e-parent\" data-id=\"13bc34c\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-684cabaf e-con-full e-flex e-con e-child\" data-id=\"684cabaf\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3c70ac48 elementor-widget elementor-widget-image\" data-id=\"3c70ac48\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/11\/Melanie-Dunn-Editorial-Headshot-V2-300x300.jpg\" class=\"attachment-medium size-medium wp-image-16348\" alt=\"\" srcset=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/11\/Melanie-Dunn-Editorial-Headshot-V2-300x300.jpg 300w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/11\/Melanie-Dunn-Editorial-Headshot-V2-150x150.jpg 150w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/11\/Melanie-Dunn-Editorial-Headshot-V2-100x100.jpg 100w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/11\/Melanie-Dunn-Editorial-Headshot-V2.jpg 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-36d3fce1 e-con-full e-flex e-con e-child\" data-id=\"36d3fce1\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-96ca423 elementor-widget elementor-widget-text-editor\" data-id=\"96ca423\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Written by: <br \/>Melanie Dunn<br \/>Principal<br \/>Accurium<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ad215cc e-flex e-con-boxed e-con e-parent\" data-id=\"ad215cc\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f0da05c elementor-widget elementor-widget-text-editor\" data-id=\"f0da05c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">A comparison of statistics from APRA and Class highlight that members of self-managed superannuation funds (SMSFs) are significantly more likely to be using their superannuation to provide a retirement income.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Proportion of members aged 65 and over in pension <\/span><\/b><strong>phase<sup>1,2<\/sup><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0509caa e-flex e-con-boxed e-con e-parent\" data-id=\"0509caa\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80271d7 elementor-widget elementor-widget-image\" data-id=\"80271d7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/elementor\/thumbs\/SMSF-sector-article-image-2023-qfbo1674jjj7iuuj9car5vpxmtmq5s90fn606ro150.png\" title=\"SMSF sector article image 2023\" alt=\"SMSF sector article image 2023\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-08e3490 e-flex e-con-boxed e-con e-parent\" data-id=\"08e3490\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-612c74c elementor-widget elementor-widget-text-editor\" data-id=\"612c74c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>At June 2022<sup>1<\/sup><a href=\"#_ftn1\" name=\"_ftnref1\"><\/a> there were 2.8 million members aged 65 and over with accounts in APRA funds, however only 1.4 million of these accounts were in pension phase. This means nearly half of all members aged 65 and over were eligible to be in retirement phase but instead remained in accumulation.<\/p><p>It is recognised that some members could have an accumulation account and not be eligible to move that account into retirement phase, for example due to the transfer balance cap ($1.7 million on 30 June 2022). However, this is not expected to represent a significant proportion of members. For example, APRA data showed only 3% of members aged 65 and over on 30 June 2022 had benefits over $1m.<\/p><p>In contrast, Class Benchmark data<sup>2<\/sup> has shown consistently over the past few years that nearly 90% of members of an SMSF aged 65 and over had a tax-free retirement phase account. Around one in ten members aged 65 and over remained solely in accumulation. It is clear the vast majority of SMSF members who are entitled to are drawing a retirement income from their superannuation.<\/p><p>Government has recognised that APRA funds could and should be doing more to assist members with how to use their superannuation in retirement. APRA funds are now required to have a retirement income strategy that shows how they will do this. It is clear APRA funds have a long way to go to bridge the gap to assist members with utilising their superannuation in retirement.<\/p><p>Why is the gap so big? Members of SMSFs are more likely to be engaged with achieving the best outcomes from their superannuation. There is a requirement for SMSF trustees (who are also the members) to think about member objectives and cashflow requirements as part of their investment strategy, and to plan for the fund\u2019s ability to pay benefits when a members retire. Trustees may seek advice from professionals including accountants and financial advisers to assist them in managing their fund and making decisions such as when to commence a pension.<\/p><p>The responsibilities of being a member of an SMSF and the support sought and provided by professionals in the SMSF industry are likely to be key reasons why the SMSF sector is a big step ahead of APRA funds in the retirement income space.<\/p><p>For more information and statistics download the <a href=\"https:\/\/www.class.com.au\/educational-resource\/annual-benchmark-report-2023\/\">Class Annual Benchmark Report 2023<\/a> here.<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\"><\/a><span style=\"font-size: 10pt;\">1<a href=\"#_ftnref1\" name=\"_ftn1\"><\/a>Australian Prudential Regulation Authority (APRA) 2023, <em>Annual superannuation bulletin June 2015 to June 2022 \u2013 superannuation entities, <\/em>published 31 January 2023, &lt;https:\/\/www.apra.gov.au\/annual-superannuation-bulletin&gt;<\/span><\/p><p><span style=\"font-size: 10pt;\">2 Self-managed super funds results based on data from 334,278 members aged 65 and over from SMSFs administered on Class Super, accumulation members defined as those solely with an accumulation account in the SMSF, if a member had a pension account they are captured as a pension member.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A comparison of statistics from APRA and Class highlight that members of self-managed superannuation funds (SMSFs) are significantly more likely to be using their superannuation to provide a retirement income. <\/p>\n","protected":false},"featured_media":16827,"template":"","categories":[122],"tags":[58],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - 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