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Three funds tick over $1bn in early release payments

— 1 minute read

Ten superannuation funds have shelled out around two-thirds of the early release payments, with the top three funds surpassing $1 billion each.

APRA released its data around the early release scheme on Monday, revealing that up to 17 May, 1.59 million people had applied for a total of $12 billion.

The funds had paid out 1.41 million applications, for a total of $10.6 billion, with the average payment being $7,510.

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The 10 funds with the highest number of applications received from the ATO had made close to a million payments, at 947,500, worth a total of $7 billion.

The fund that topped early release payments was AustralianSuper, with its total being $1.36 billion as at 17 May. The fund had paid 181,671 applications out of its total 215,694 received.

Sunsuper followed, with its total of $1.07 billion, along with Hostplus, which had paid $1.04 billion.

Rest was the fourth fund that had paid out the most, with its members accessing $953.1 million.

The fifth fund, Cbus, however dropped to almost half, at $572.9 million. It was followed by BT Funds Management’s Retirement Wrap ($512.8 million), HESTA ($449.1 million), AMP Superannuation Savings Trust ($381 million), MLC Super Fund ($371.1 million) and OnePath’s Retirement Portfolio Service ($337.3 million).

On average, all of the funds took 3.3 business days to pay out a claim, with 94 per cent of the applications paid within the five business day limit.

Treasury indicated last week that as at Thursday, 1.65 million people had applied for access to their super, with 1.62 million approved and $13.2 billion set for release.

 

Three funds tick over $1bn in early release payments
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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