Funds with most early access applications pay under average

Most of the superannuation funds that have paid the most members out under the early access to super scheme have paid eligible members less than the average payment, according to data. 

Data from the Australian Prudential Regulation Authority (APRA), found Sunsuper, AustralianSuper, Hostplus, and REST had received and paid the most number of members under the scheme as at 3 May, 2020.  

However, when it came to the average payment amount, Sunsuper, Hostplus and REST paid less than the average payment of $7,629. The remaining fund, AustralianSuper, paid out slightly more than the average at $7,687.  

Related News:

The payment range out of all the 177 funds was between $10,000 and $854.  

On average, AustralianSuper paid $7,687 to eligible members, followed by REST at $7,310, Sunsuper at $7,248, and Hostplus at $7,062. 

The nine funds that made an average payment of $10,000 were SAS Trustee Corporation – Pooled Fund, Holden Employees Superannuation Fund, United Technologies Corporation Retirement Plan, Oracle Superannuation Plan, Life Focus Superannuation Fund, Ultimate Superannuation Fund, Energy Industries Superannuation Scheme, CSS Fund, and Mason Stevens Super. 

Super Safeguard Fund paid an average of $854 per eligible member.  




Recommended for you

Author

Comments

Comments

This points to the funds with lower averages having more members making full withdrawals of accounts, not requesting smaller amounts to be released.

Add new comment