The super funds which took the biggest early release hits

The Federal Government’s COVID-19 hardship early release superannuation scheme ended up resulting in outflows totalling $37.2 billion from Australian superannuation funds with AustralianSuper being the hardest hit with the outflow of just over $5 billion.

Just over a month since the Federal Government closed off the scheme, data released by the Australian Prudential Regulation Authority (APRA) has revealed the full magnitude of its impact, with 10 funds experiencing outflows of over $1 billion.

In rank order those funds were:

  1. AustralianSuper                               $5.020 billion
  2. Sunsuper                                          $3.667 billion
  3. REST                                               $3.335 billion
  4. HOSTPLUS                                     $3.105 billion
  5. Cbus                                                 $2.330 billion
  6. HESTA                                             $1.823 billion
  7. BT                                                    $1.691 billion
  8. MLC                                                $1.345 billion
  9. OnePath                                           $1.087 billion
  10. AMP                                                $1.082 billion
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With the scheme wrapped up, APRA said the 10 funds with the highest number of applications received from the Australian Taxation Office (ATO) made 3.2 million payments worth a total of $23.9 billion with the average payment being $7,569.

It said that this translated to those top 10 funds accounting for 66% of the total early release payments made.

Interestingly, those people who accessed both tranches of early release took more in the second tranche, with the APRA data revealing an average first tranche payment of $7,638 followed by a second tranche average of $8,268.

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Wasn't Ian Silk from Australian super requesting the reserve bank for a bailout earlier in the year make sense now

I think Silky-smooth was just after the free money the govt was throwing around at the time. No harm in asking. But this was a nothing for AustralianSuper and the top ten funds listed. Mid-2019 they had $6.5b in Cash, mid-2020 they has $32b in Cash. Not only that but in the same 12 months their AUM increased $20b. Easy.

It's all about FUM

Love the FUM.

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