Compared with large institutional pension funds, there is relatively little published research on small funds, which are defined in the Australian superannuation legislation as pension funds with less than five members. Small funds account for more than 20% of total pension assets and they are one of the fastest growing sectors and therefore play a significant part in the savings strategy for national retirement income. This paper contributes to the needed research by analysing the more granular audited accounting data collected for the subset of small funds regulated by the Australian Prudential Regulation Authority (APRA) over the last few years. The analysis provides new insights into the operating costs involved in running the funds, the investment performances and portfolio compositions of Small APRA Funds (SAF).
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