Trustees take 3.3 days to pay early access to super scheme

2 June 2020

The average amount of time taken to pay members eligible for the early access to superannuation scheme has plateaued at 3.3 days over the last three weeks, according to Australian Prudential Regulation Authority (APRA) data.

APRA said since the scheme’s inception on 20 April to 24 May, payments had taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94% had been made within five business days.

Another 1.4% had been paid within 10 or more business days.

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“The 10 funds with the highest number of applications received from the ATO have made 1.09 million payments worth a total of $8.13 billion. The average payment from these funds was $7,595, with over 93% of payments made within five days,” APRA said.

Looking at the funds that had paid the largest amount to members, the funds that were the fastest to pay were Public Sector Superannuation Accumulation Plan, Meat Industry Employees Superannuation Fund, Sunsuper Superannuation Fund, Tasplan Superannuation Fund, and AON Master Trust.

The fastest-paying funds that have paid the most in the early access to super scheme

Fund

Payments made

Applications paid within five business days

Public Sector Superannuation Accumulation Plan

$34,696,773

100%

Meat Industry Employees Superannuation Fund

$22,144,496

100%

Sunsuper Superannuation Fund

$1,249,900,735

99.9%

Tasplan Superannuation fund

$75,282,086

99.9%

AON Master Trust

$27,604,940

99.9%

Source: APRA

Since April, $12.2 billion has been paid to members.




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Seems the alcohol beverage and gambling businesses did very well out of this early access to superannuation folly. 'Senator' Andrew Bragg must be pleased with this move to remove compulsory superannuation.

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