Super trustees have now received 665,310 applications for early release, with 162,879 of those processed and paid out for a total of $1.3 billion. The average benefit paid was $8,002.
One hundred and seven funds have paid out early super, with payments taking an average of 1.6 days to complete. The data is taken from the first week of the program, and APRA intends to publish new data every Monday.
“Although this publication only covers the first week of a scheme that will run for several months, the initial data indicates trustees are moving quickly to make payments after receiving determinations from the ATO,” said APRA deputy chair Helen Rowell.
“APRA is closely monitoring trustee performance in this area and will consider taking appropriate action if evidence emerges of funds not releasing benefits to eligible members as soon as practicable.”
As of last week, there had been 527,000 claims totalling $4.4 billion.
Does this mean my $1.50 per week to run my Super fund will need to rise?
Suggest you go back and study the difference between admin fees and super balances.
This comment doesn’t make sense. The Industry Funds promulgate the mistruth….”that they are run only to benefit members” – which we know is not true.
End of story.
It’s sort of true. “Run only to benefit [i][b]union[/b][b][/b][/i][i][/i] members.”
I heard one market commentator stating that the AUD has risen due to Industry Super Funds selling overseas property, infrastructure and global shares and converting than into AUD. No doubt, a double wammy on the valuations of these funds seeing their overseas investments falling due to currency movements. But not an issue with Industry Super funds that don’t value assets daily of course. A good reason to sell out now. SELL and rollover to another super fund & switch back in at lower prices. (insert General Advice Warning here on Page 300 of my Clubfooted Investor book available at all good stores now)
Do you really believe that in the space of a few weeks industry funds had sold overseas property and infrastructure to such an extent it has changed the exchange rate?
Not me, the currency strategists at the Commonwealth Bank said that. That’s how they explained a 12.2% rise in the AUD from the low point March/April to today. Industry super funds selling offshore assets (listed and unlisted) and converting them back into AUD cash. One would assume it’s all listed assets, meaning they’ve sold at the bottom.
Interesting that it is only industry funds that need to do this. Also interesting this is a story being fed by the CBA.
It is more likely that it was oversold and this is it just coming back to more normal levels. Don’t let the truth get in the way of a good story though.
Yeah a quick google will find you stats that the daily turnover of AUD/USD is measured in the tens of billions.
The early release total was $1.3 billion.
The market commentator was full of it.
You’re assuming the market is fully rationale and makes informed decisions. You’re also assuming Human emotions such as fear and greed have nothing to do with currency movements. So yes a couple of buy/sell order would cause no impact. Can I suggest you go back to your call centre and go back to 20 years of slagging out Financial Planners.
I thought APRA was going to report the information on a fund-by-fund basis?
They did, just don’t use IFA as a competent reporting source.
Based on the fact that these claimants are most likely to claim again in a few months, (second $10,000) is this a reason that ME bank is hiving cash for the industry funds.
In short – Yes
Where was the royal commission on the vertical integration of industry super funds?
I suspect in Melbourne at the tennis.
Or the last round of the V8 Supercars – courtesy of MTAA
Or at the Gold Coast, watching the Suns play.
Greg Thompson former MP and Bill Shorten did a full review from 2009 to 2012 (at a certain hot tub, using a certain Union Super Fund/Union Funded credit card) some years ago whilst watching Hostplus Melbourne Storm play and there was nothing to see there. Move along.
Um, there wasn’t a Royal Commission into vertical integration. It was mainly about how the banks and AMP were charging people for nothing. It would have been good if they did address vertical integration as that would solve alot of the industries problems.
Probably, but what is your point?
Pretty certain the point has something to do with vertical integration.
Surely if vertical integration was the point then the OP would have been going on about the banks and the retail funds.