APRA latest weekly data
APRA – latest weekly data on the superannuation early release scheme
APRA has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme. $10.6 billion in payments which represent 1.41 million applications have been processed between 20 April to 17 May 2020.
Additional Commentary
APRA have received early release data submissions for the period ended 17 May 2020 from 177 funds. These funds have submitted on a best endeavors basis.
Applications received from the Australian Taxation Office (ATO) between 20 April to 17 May 2020 have had payments made to eligible members, on average 3.3 business days after receipt of the applications. 94 per cent of applications have had payments made within five business days.
Over the week to 17 May, superannuation funds made payments to 220,000 members. This brings the total number of payments to 1.41 million since inception. The total value of payments during the week was $1.7 billion, with $10.6 billion paid since inception. The average payment made over the period since inception is $7,510.
Fund-level data
The fund-level data shows that 148 of the 177 funds that submitted data made early release payments in the period since inception to 17 May 2020. (Note that the fund-level data includes 40 funds for which the data has been published as a group in order to protect the privacy of information for individual members.)
Among all funds that submitted data, 137 (77 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA.
Further, with limited exceptions (1.3 per cent), payments to members have been completed within ten business days from receipt of applications from the ATO.
The ten funds with the highest number of applications received from the ATO have made 947,500 payments worth a total of $7.07 billion.
The average payment from these funds was $7,617, with over 93 per cent of payments made within five days.
Details of the industry-level data is provided below:
• This document provides details on payments and processing time frames for funds that have made payments to members in the period ending 17 May 2020.
• This document provides a summary of the data that has been reported to APRA by funds for that period.
Do you have questions about your personal application?
APRA– latest weekly data on the superannuation early release scheme has set out a five day guidance period for payments after receipt of applications from the ATO by funds.
Acknowledging that these time frames may extend slightly when a Registered Superannuation Entity (RSE) licensee experiences a high volume of applications at any particular time.
Delays can also occur in exceptional circumstances – such as where the RSE licensee’s automated checking has identified that additional fraud or other verification steps are required, or where the payment is being made from interests held in defined benefit funds.
If you believe you have not received the funds you have applied for within a reasonable time frame, it is recommended that you contact your trustee directly to determine if there is a specific reason for the delay.
Our team at Gerard Wilkes & Associates are here to help and understand that the current climate is causing a lot of confusion and may even overwhelm many.
If you would like to discuss the above article further or require some Business advice or assistance give us a call on 07 5532 1733 or make an enquiry via www.wilkes.com.au/profiler-form.
