A total of $13.5 billion in super has been paid out since the scheme’s inception, with an average payment of $7,473.
Over the week to 31 May, super funds made payments to 177,00 members, bringing the total number of payments to 1.8 million since the scheme’s inception. The total value of payments during the week was $1.3 billion, down slightly from last week, where payouts totalled $1.6 billion.
Payments have taken an average of 3.3 business days to pay out, and 95 per cent have been made within five business days.
Figures in this article don’t make sense
I suspect a lot of my colleagues AND some insurers who pushed the ROLLOVER FUNDING method for retail risk in super are about to clear the roost – here come the chickens. And yes COVID was unpredictable but another GFC has always been on the cards. To me it was always a method to write risk on someone a prudent adviser might pass on. ASIC hated it, so did ALL Trustees. In normal times such business was “STICKY” but normal times stopped with Trump.
As usual OR, you’r on the mark again. Cheers.