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Retirement

Super funds shell out billions

  • May 26 2020
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Retirement

Super funds shell out billions

By Cameron Micallef
May 26 2020

Three superannuation funds have surpassed $1 billion in released funds, with two-thirds of the heavy lifting coming from just 10 funds, government statistics have revealed.

Super funds shell out billions

Super funds shell out billions

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  • May 26 2020
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Three superannuation funds have surpassed $1 billion in released funds, with two-thirds of the heavy lifting coming from just 10 funds, government statistics have revealed.

Super funds shell out billions

APRA released its data around the Morrison government’s early access to superannuation scheme on Monday, revealing that as of 17 May, 1.59 million people have applied, with a total amount of $12 billion.

The funds have paid out 1.41 million applications, for a total of $10.6 billion, with the average payment being $7,510.

The 10 funds with the highest number of applications received from the ATO had made close to a million payments, at 947,500, worth a total of $7 billion.

The fund that topped early release payments was AustralianSuper, with its total being $1.36 billion as at 17 May. The fund had paid 181,671 applications out of its total 215,694 received.

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Sunsuper, which recently won fund of the year, has released the second-highest amount to members, with its total of $1.07 billion, followed by Hostplus, which has paid $1.04 billion.

Rest was the fourth fund that has paid out the most, with its members accessing $953.1 million.

The fifth fund, Cbus, however, dropped to almost half, at $572.9 million. It was followed by BT Funds Management’s Retirement Wrap ($512.8 million), HESTA ($449.1 million), AMP Superannuation Savings Trust ($381 million), MLC Super Fund ($371.1 million) and OnePath’s Retirement Portfolio Service ($337.3 million).

On average, all of the funds took 3.3 business days to pay out a claim, with 94 per cent of the applications paid within the five business day limit.

Treasury indicated last week that 1.65 million people had applied for early access to their superannuation, with 1.62 million approved and $13.2 billion set to be released.

Super funds shell out billions
Super funds shell out billions
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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