The superannuation industry is evolving at an unprecedented pace. With ongoing consolidation, shifting fund rankings, heightened regulatory oversight, and an increasing focus on retirement outcomes, what does the future hold?
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Mega-funds on the rise
More funds have surpassed the $100 billion asset mark, while the number of funds with FUM under $50 billion has declined by 55% over the past five years.
Figure 1. Superannuation funds with Funds under Management (FUM) over $50 billion as at 30 June 2024
The Superannuation funds with FUM over $50 billion as at 30 June 2024 are: AustralianSuper $360bn, ART $310bn, Aware Super $183bn, UniSuper $143bn, PSS $119bn, HOSTPLUS $119bn, CFS First Choice $97bn, CBUS $95bn, Military Super Fund $95bn, MLC Super Fund $88bn, HESTA $89bn, REST $88bn, Mercer Super Trust $73bn, CSS $63.0bn, Asgard $72bn, AMP Super Fund $55bn, Wealth Personal Superannuation and Pension Fund $61bn
Industry consolidation continues
Large funds now control 80% of total superannuation assets, up from 63% in 2019. While mergers remain a focus, organic growth is emerging as a key driver of long-term success.
Regulatory scrutiny intensifies
With at least 10 regulatory actions or fines issued in 2023-2024, governance is in the spotlight. New prudential standards – including CPS 190, CPS 230 and the new version of SPS 515 – take effect in 2025, raising compliance expectations.
Retirement readiness under pressure
2.5 million members are expected to move to the retirement phase over the next decade, yet funds continue to face challenges in tracking and measuring retirement income strategy success.
Shifting fund rankings
Over the next five years, some funds are projected to climb significantly based on strong organic growth, while others – particularly in the retail sector – are expected to decline.
What does this mean for the future of superannuation?
Discover the full analysis in Super Industry 2025.
Our WTW team of experts has a deep understanding of the current state of the superannuation market and are ready to help you navigate all the important issues to ensure your fund’s current and future success.
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| Title | File Type | File Size |
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| Super Industry 2025 | .5 MB |
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