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APRA releases latest ERS data

APRA has released the newest ERS statistics for the week ending May 10, revealing funds have slipped in meeting the five-day deadline.

The weekly report shows 94% of funds paid applications within five business days, down from 96% the previous week.

It also revealed the average payment amount has dropped slightly from $7629 to $7546.

AustralianSuper has received the most applications, with its payout exceeding the $1 billion mark, followed by Sunsuper and Hostplus.

Sunsuper has shown to be a standout amongst the top 10, being the only major player to release funds within the five business day guide 100% of the time.

APRA said the fund-level data shows that 146 of the 177 funds that submitted data made early release payments in the period since inception to 10 May  2020.

"Among all funds that submitted data, 140 (79%) completed more than 90%of payments within the five business days guideline indicated by APRA," the regulator said.

"Further, with very few exceptions (less than 1%), payments to members have been completed within 10 business days from receipt of applications from the ATO."

Again, Australian Catholic Superannuation and Retirement was one of the worst offenders, releasing funds within five business days only 15% of the time, and within nine business days only 32.6% of the time.

Qantas Super also brought the average down, fulfilling just 51.5% of requests within five business days and 45.6% within 10 days.

Similarly, ING Superannuation Fund met 58.8% of requests within five days, while 39.2% took longer.

The 10 funds with the highest number of applications received from the ATO have made 795,000 payments worth a total of $5.96 billion.

The average payment from these funds was $7664, with over 93% of payments made within five days.

According to the data, 72% of all payments have been made from not-for-profit funds, while the remaining 28% from retail funds.

Prime Minister Scott Morrison told parliament on Friday last week the most recent ERS figures were significantly higher than APRA's data, which is a week behind.

"The superannuation system with some $11.7 billion in claims it was noted that this was consistent with the Treasury estimate and this was not presenting liquidity issues," Morrison said.

"The head of APRA has advised us and the industry estimates of what the claims would be have not been realised."

Read more: APRAATOSunsuperAustralian Catholic SuperannuationAustralianSuperHostplusING Superannuation FundQantas SuperScott Morrison
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