POWERED BY MOMENTUM MEDIA
Early release uptake slows
Uptake in the early release of superannuation scheme has slowed for both initial applications and repeat applications, according to Australian Prudential Regulation Authority data.
During the week to 2 August, 2020, 103,000 early release applications were received, compared to 140,000 the week before.
Initial applications accounted for 48,000 (compared to 59,000) and repeat applications accounted for 55,000 (compared to 81,000).
The funds with the largest repeat applications were AustralianSuper (148,388), Sunsuper (121,244), REST (96,852), Hostplus (88,650), and Cbus (71,585).
Since the scheme began in April, to help people in financial distress due to the COVID-19 pandemic, the total number of initial applications stands at three million, and 1.1 million repeat applications.
The total value of payments during the week was $1 billion, with $30.3 billion paid since inception.
The average payment made over the period since inception is $7,695 overall and $8,511 when considering repeat applications only.
APRA noted that 97% of applications received since inception had been paid, up 1% from the previous week.
The 10 funds with the highest number of applications received had made 2.6 million payments worth $19.9 billion.
Recommended for you
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment