Superannuation growth 'on track to return to pre-GFC levels'

Super funds are set to post the best three financial years of growth since the years just before the global financial crisis.

Super savings are on track for their best run of growth since the pre-GFC era despite concerns about Greek debt and an economic slowdown in China.

Double-digit returns are likely for this financial year, investment research group Chant West says.

"That would cap a remarkable comeback from the lows of the GFC," Chant West director Warren Chant said.

A third consecutive financial year of double digit growth would mark a return to the years immediately before the onset of the global financial crisis in 2008, which saw funds post heavy annual losses.

Growth started to recover in 2009, but it was slow.

Since 2012, however, annual returns for diversified super portfolios have consistently been in the double digits.

Most superannuation classes posted strong growth in the year to March 31, which would translate into healthy returns for 2014/15, Chant West said.

This occurred despite concerns about Greece defaulting on its debt and an economic slowdown in China.

"Markets have proven to be more optimistic even in the face of the global economic backdrop," Mr Chant said.

But with interest rates at record lows, superannuation expert Jeremy Cooper said $1 million would not be enough to retire on.

It would yield an income stream of just $1,300 a fortnight, the same as the age pension, said the chairman of investment firm Challenger, who has previously headed a federal government review into super.

SOARING SUPER GROWTH TABLE

* 15.6 per cent in 2012/13

* 12.8 per cent in 2013/14

* 11.1 per cent for the first nine months of 2014/15

(Source: Chant West)