The super funds which took the biggest early release hits
The Federal Government’s COVID-19 hardship early release superannuation scheme ended up resulting in outflows totalling $37.2 billion from Australian superannuation funds with AustralianSuper being the hardest hit with the outflow of just over $5 billion.
Just over a month since the Federal Government closed off the scheme, data released by the Australian Prudential Regulation Authority (APRA) has revealed the full magnitude of its impact, with 10 funds experiencing outflows of over $1 billion.
In rank order those funds were:
- AustralianSuper $5.020 billion
- Sunsuper $3.667 billion
- REST $3.335 billion
- HOSTPLUS $3.105 billion
- Cbus $2.330 billion
- HESTA $1.823 billion
- BT $1.691 billion
- MLC $1.345 billion
- OnePath $1.087 billion
- AMP $1.082 billion
With the scheme wrapped up, APRA said the 10 funds with the highest number of applications received from the Australian Taxation Office (ATO) made 3.2 million payments worth a total of $23.9 billion with the average payment being $7,569.
It said that this translated to those top 10 funds accounting for 66% of the total early release payments made.
Interestingly, those people who accessed both tranches of early release took more in the second tranche, with the APRA data revealing an average first tranche payment of $7,638 followed by a second tranche average of $8,268.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
