Funds with most early access applications pay under average

12 May 2020
| By Jassmyn |
image
image
expand image

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.  

Read more about:

AUTHOR

Submitted by Aynon on Wed, 05/13/2020 - 08:23

This points to the funds with lower averages having more members making full withdrawals of accounts, not requesting smaller amounts to be released.

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

5 hours ago

Super funds had a “tremendous month” in November, according to new data....

4 days 4 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 9 hours ago