Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

The super funds which took the biggest early release hits

AustralianSuper/Sunsuper/REST/hostplus/Cbus/HESTA/BT/mlc/OnePath/amp/early-release/superannuation/APRA/ATO/

9 February 2021
| By Mike |
image
image image
expand image

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

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

6 days 4 hours ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 week 6 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week 1 day ago

Libby Roy has been appointed as an independent non-executive director on the board of AZ NGA....

4 weeks ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3