APRA has revealed key data on the early super release scheme and vowed to take action on funds that don’t toe the line.
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.
A number of advice and accounting industry associations have expressed their dis...
The adviser research house has announced its chief executive will step down in m...
New research has revealed the extent to which regulatory change is impacting adv...
Get notifications in real time and stay up to date with content that matters to you.
