POWERED BY MOMENTUM MEDIA
Trustees take 3.3 days to pay early access to super scheme
The average amount of time taken to pay members eligible for the early access to superannuation scheme has plateaued at 3.3 days over the last three weeks, according to Australian Prudential Regulation Authority (APRA) data.
APRA said since the scheme’s inception on 20 April to 24 May, payments had taken an average of 3.3 business days to pay after receipt of the application from the Australian Tax Office (ATO) and 94% had been made within five business days.
Another 1.4% had been paid within 10 or more business days.
“The 10 funds with the highest number of applications received from the ATO have made 1.09 million payments worth a total of $8.13 billion. The average payment from these funds was $7,595, with over 93% of payments made within five days,” APRA said.
Looking at the funds that had paid the largest amount to members, the funds that were the fastest to pay were Public Sector Superannuation Accumulation Plan, Meat Industry Employees Superannuation Fund, Sunsuper Superannuation Fund, Tasplan Superannuation Fund, and AON Master Trust.
The fastest-paying funds that have paid the most in the early access to super scheme
|
Fund |
Payments made |
Applications paid within five business days |
|
Public Sector Superannuation Accumulation Plan |
$34,696,773 |
100% |
|
Meat Industry Employees Superannuation Fund |
$22,144,496 |
100% |
|
Sunsuper Superannuation Fund |
$1,249,900,735 |
99.9% |
|
Tasplan Superannuation fund |
$75,282,086 |
99.9% |
|
AON Master Trust |
$27,604,940 |
99.9% |
Source: APRA
Since April, $12.2 billion has been paid to members.
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