POWERED BY MOMENTUM MEDIA
Early release of super scheme hits $35.9b
In the week prior to the early release of superannuation scheme ending 21,000 super members applied for the scheme, according to Australian Prudential Regulation Authority (APRA) data.
Of those applications, 69% were initial applications and 31% were repeat applications, in the week to 20 December, 2020.
This brought total payments made by super funds at $35.9 billion since the inception of the scheme, with initial applications from 3.4 million members, and repeat applications from 1.4 million members.
The average initial application payment was at $7,400 and $8,284 for repeat applications.
APRA noted that as at 20 December, 2020, 98% of applications received since the start of the scheme had been paid.
“Among all funds that made payments, 97 (64%) completed more than 90% of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8%), payments to members have been completed within nine or fewer business days from receipt of applications by funds from the Australian Taxation Office [ATO],” APRA said.
“The 10 funds with the highest number of applications received from the ATO have made 3.1 million payments worth a total of $23.6 billion. The average payment from these funds was $7,575 with 96% of payments made within five days.”
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
