How early super withdrawals add up
The coronavirus pandemic is having profound effects on Australian families, communities, businesses, the financial markets and the global economy.
APRA update - 4th May 2020
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 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 $8002.
Over 100 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.
“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.
Many people have lost their jobs and there is much uncertainty around the depth and duration of the current crisis. Governments and policymakers across the globe have announced unprecedented fiscal and monetary packages to provide some offset to the downturn.
|Investor's current age||Years to retirement||Value of $10,000 at retirement||Value of $20,000 at retirement|
Senior Investment Strategist
Investment Strategy Group
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