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APRA releases final ERS figures

APRA has revealed the final figures representing the impact of the government's early release of super scheme which saw 3.5 million Australians dip into their retirement savings.

Over the duration of the scheme, $37.3 billion was removed from the superannuation industry from 20 April 2020 to 31 December 2020.

The ERS scheme surpassed Treasury's initial estimates of $29 billion but has fallen short of its revised estimates of $42 billion being removed.

Of the 3.5 million Australians who applied to the scheme, 1.4 million did so twice, opting to remove further funds once the second tranche of the scheme opened in the new financial year.

The average payment made was $7638. Repeat applications were for an average amount of $8268 while initial applications were for an average amount of $7402.

This resulted in the average application amount and payment amount in the second application period being slightly higher than in the first application period.

AustralianSuper paid out over $5 billion to its members over the course of the scheme.

Following closely behind was Sunsuper ($3.66 billion), Rest ($3.3 billion) and Hostplus ($3.1 billion).

Qantas Super, which struggled at the beginning of the scheme to pay out members within the five business days limit set by APRA, ended up only meeting that deadline 81.6% of the time.

Qantas Super paid $125 million to 13,125 members in total.

Only three funds paid members within five business days 100% of the time: Meat Industry Employees Superannuation Fund, Incitec Pivot Employees Superannuation Fund and the Fire and Emergency Services Superannuation Fund.

However, those funds only paid out a combined $71.2 million to 9320 members.

The top 10 funds with the highest number of applications received, accounted for 66% of total early release payments and made 96% of payments within 1-5 business days.

Read our full COVID-19 news coverage and analysis here.

Read more: ERSAPRAQantas SuperAustralianSuperEmergency Services Superannuation FundIncitec Pivot Employees Superannuation FundMeat Industry Employees Superannuation FundSunsuperTreasury
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