POWERED BY MOMENTUM MEDIA
Early release of super scheme hits $35.9b
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.”
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(%)
