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
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
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.
