Most of the superannuation funds that have paid the most members out under the early access to super scheme have paid eligible members less than the average payment, according to data.
Data from the Australian Prudential Regulation Authority (APRA), found Sunsuper, AustralianSuper, Hostplus, and REST had received and paid the most number of members under the scheme as at 3 May, 2020.
However, when it came to the average payment amount, Sunsuper, Hostplus and REST paid less than the average payment of $7,629. The remaining fund, AustralianSuper, paid out slightly more than the average at $7,687.
The payment range out of all the 177 funds was between $10,000 and $854.
On average, AustralianSuper paid $7,687 to eligible members, followed by REST at $7,310, Sunsuper at $7,248, and Hostplus at $7,062.
The nine funds that made an average payment of $10,000 were SAS Trustee Corporation – Pooled Fund, Holden Employees Superannuation Fund, United Technologies Corporation Retirement Plan, Oracle Superannuation Plan, Life Focus Superannuation Fund, Ultimate Superannuation Fund, Energy Industries Superannuation Scheme, CSS Fund, and Mason Stevens Super.
Super Safeguard Fund paid an average of $854 per eligible member.
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.
This points to the funds with lower averages having more members making full withdrawals of accounts, not requesting smaller amounts to be released.