The current market turmoil has not deterred Legalsuper fund members from investing in the stock market, according to the industry superannuation fund.
Legalsuper found that superannuation contributions invested in its S&P/ASX200 investment option have increased nearly 40 per cent since June 2008, during which time the index had fallen almost 30 per cent.
The industry fund said its members were taking the opportunity to buy shares while stocks were down, Legalsuper's chief executive Andrew Proebstl said.
"Members invested almost $60 million with Legalsuper during the five months to 30 November 2008, of which $23 million was from voluntary contributions," he said.
"Despite the fall in share markets, total inflows into Legalsuper remained strong in the first five months of the current financial year, only slightly behind the same period in 2007."
Legalsuper invested in communication and education initiatives to inform fund members about the current market downturn, Proebstl said.
"The result is members are more engaged with their super," he said.
The boost in investment also reflected the increased sophistication of its members and their higher average superannuation balances, according to Proebstl.
Legalsuper's S&P/ASX200 investment option enables fund members to invest up to 50 per cent of their superannuation directly in shares on the index.
With nearly $1 billion in assets under management, Legalsuper is Australia's largest superannuation fund dedicated to the legal sector.
