Profit-to-member superannuation funds have reported their approach to managing liquidity has allowed the smooth implementation of early release super payments to members who are suffering financially due to COVID-19.
An announcement by the Australian Institute of Superannuation Trustees (AIST), said at a regular policy meeting, profit-to-member funds confirmed they were readily meeting early release requests from members in need.
The funds said the extensive work undertaken in short timeframes to meet the unexpected early release policy had been effective.
“…their approach to managing liquidity had successfully ensured they could meet the anticipated increase in early release requests,” AIST said.
Latest Government data had found over 900,000 applications had been made to the Australian Taxation Office for early release withdrawals, with over $7.5 billion approved. The average withdrawal was $8,333.