Super SA

In reply to Mr COWDREY (Colton) (29 June 2023). (Estimates Committee B)

The Hon. S.C. MULLIGHAN (Lee—Treasurer): I have been advised the following:

1. As of 16 July 2023:

1,936 members have made a fund selection; and

$118.68 million has been transferred out of Triple S by members still employed by the South Australian government.

2. The cost of implementing fund selection is projected to be $4,231,168.

3. Super SA does not collect specific data relating to the funds that members are selecting/moving to or their reason for moving. However, from roll-over information the following is known:

27 per cent transferred to self-managed superannuation fund schemes.

30 per cent transferred to wrap accounts (typically managed by financial advisers)

13 per cent transferred to Australian Super; and

30 per cent transferred to other retail and industry funds.

4. The average age of members who made a fund selection is 39 years of age.