POWERED BY MOMENTUM MEDIA
10 super funds still accounting for 60% of early release payments
The Australian Prudential Regulation Authority (APRA) has confirmed that 10 superannuation funds are still doing the bulk of the heavy lifting when it comes to the Federal Government’s hardship early superannuation scheme.
The latest APRA found that the 10 funds with the highest number of applications received from the Australian Taxation Office (ATO) had made 1.33 million payments worth a total of $9.76 billion with the average payment from these funds being $7,441.
According to the data, the 10 funds are accounting for well over 60% of the early release payments.
Over the week to 7 June, 2020, the data pointed to superannuation funds making paying to 1667,000 members, bringing the total number of payments made to approximately two million since inception.
“The total value of payments during the week was $1.3 billion, with $14.8 billion paid since inception,” it said. “The average payment made over the period since inception is $7,475.”
The 10 funds continue to reflect both their scale and their exposure to hard-pressed sectors of the industry and include AustralianSuper, AMP Limited, Cbus, Hostplus, REST, Suncorp, HESTA, MLC, CFS and ANZ.
A number of superannuation fund chief executives have told Money Management that they are surprised by the continuing high levels of use of the early access arrangements.
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
