Early release of super scheme hits $35.9b

In the week prior to the early release of superannuation scheme ending 21,000 super members applied for the scheme, according to Australian Prudential Regulation Authority (APRA) data. 

Of those applications, 69% were initial applications and 31% were repeat applications, in the week to 20 December, 2020. 

This brought total payments made by super funds at $35.9 billion since the inception of the scheme, with initial applications from 3.4 million members, and repeat applications from 1.4 million members. 

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The average initial application payment was at $7,400 and $8,284 for repeat applications. 

APRA noted that as at 20 December, 2020, 98% of applications received since the start of the scheme had been paid. 

“Among all funds that made payments, 97 (64%) completed more than 90% of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8%), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the Australian Taxation Office [ATO],” APRA said. 

“The 10 funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.6 billion. The average payment from these funds was $7,575 with 96% of payments made within five days.” 

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