About 2% (84,974) of all early release of superannuation applications have been ‘closed’ or ‘revoked’, according to Australian Prudential Regulation Authority (APRA) data.
The latest early release data found there were 4,523,591 initial and repeat applications since the start of the COVID-19 hardship scheme that commenced by the Government in April.
‘Revoked’ applications were those that had been revoked by the superannuation member or the Australian Taxation Office (ATO) after the initial submission. A ‘closed’ application were those unable to be processed by the responsible superannuation entity for reasons such as fraud flats, insufficient details provided by the ATO, or other issues identifying the source or destination of the payment.
The Northern Territory Supplementary Superannuation Scheme was the only fund that did not pay any of its applications, revoking or closing 100% of the 152 applications it received, a significantly higher percentage than any other super fund.
The CSS Fund came in second at 14.5% of its eight applications followed by 13.7% of Lifefocus Superannuation Fund (13), 12.5% of Pitcher Retirement Plan (2), 10.7% of SuperTrace Eligible Rollover Fund (729), 10.2% of Incitec Pivot Employees Superannuation Fund (6).
Currently, $33.8 billion in payments had been made to around 4.4 million applications with the average initial payment of $7,402 and $8,384 for repeat applications.
Applications had significantly slowed down with a total 36,000 applications received by funds over the week to 27 September, with 22,000 accounting for initial applications and 14,000 repeat applications.