POWERED BY MOMENTUM MEDIA
Trustees take 3.3 days to pay early access to super scheme
The average amount of time taken to pay members eligible for the early access to superannuation scheme has plateaued at 3.3 days over the last three weeks, according to Australian Prudential Regulation Authority (APRA) data.
APRA said since the scheme’s inception on 20 April to 24 May, payments had taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94% had been made within five business days.
Another 1.4% had been paid within 10 or more business days.
“The 10 funds with the highest number of applications received from the ATO have made 1.09 million payments worth a total of $8.13 billion. The average payment from these funds was $7,595, with over 93% of payments made within five days,” APRA said.
Looking at the funds that had paid the largest amount to members, the funds that were the fastest to pay were Public Sector Superannuation Accumulation Plan, Meat Industry Employees Superannuation Fund, Sunsuper Superannuation Fund, Tasplan Superannuation Fund, and AON Master Trust.
The fastest-paying funds that have paid the most in the early access to super scheme
|
Fund |
Payments made |
Applications paid within five business days |
|
Public Sector Superannuation Accumulation Plan |
$34,696,773 |
100% |
|
Meat Industry Employees Superannuation Fund |
$22,144,496 |
100% |
|
Sunsuper Superannuation Fund |
$1,249,900,735 |
99.9% |
|
Tasplan Superannuation fund |
$75,282,086 |
99.9% |
|
AON Master Trust |
$27,604,940 |
99.9% |
Source: APRA
Since April, $12.2 billion has been paid to members.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
