Early release of super scheme hits $35.9b

superannuation/early-release-of-superannuation/early-release-of-super/APRA/covid-19/coronavirus/

7 January 2021
| By Jassmyn |
image
image
expand image

In the week prior to the early release of superannuation scheme ending 21,000 super members applied for the scheme, according to Australian Prudential Regulation Authority (APRA) data. 

Of those applications, 69% were initial applications and 31% were repeat applications, in the week to 20 December, 2020. 

This brought total payments made by super funds at $35.9 billion since the inception of the scheme, with initial applications from 3.4 million members, and repeat applications from 1.4 million members. 

The average initial application payment was at $7,400 and $8,284 for repeat applications. 

APRA noted that as at 20 December, 2020, 98% of applications received since the start of the scheme had been paid. 

“Among all funds that made payments, 97 (64%) completed more than 90% of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8%), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the Australian Taxation Office [ATO],” APRA said. 

“The 10 funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.6 billion. The average payment from these funds was $7,575 with 96% of payments made within five days.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

3 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND