The Australian Prudential Regulation Authority (APRA) guidelines that the early release of superannuation should not take longer than five business days has been welcomed by the government.
APRA said it expected funds to make early release payments to members financially impacted by the COVID-19 pandemic and meet the eligibility criteria as soon as practicable after approval and direction from the Australian Taxation Office. It said the vast majority of cases should not take longer than five business days.
An announcement by the Minister for Superannuation, Financial Services, and Financial Technology, Jane Hume, said this was an opportunity for super funds to demonstrate their commitment to their members at the time they needed it most.
“I welcome this guidance from APRA. Given the importance of cashflow for many people at this critical time, the Morrison Government expects super funds to be paying members their money as quickly as possible, and within five business days,” she said.
Australians eligible can access up to $10,000 of their super before 1 July, 2020, and a further $10,000 from 1 July until 24 September, 2020.