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ERS payments reach $15bn

Almost $15 billion has been removed from Australia's superannuation system, but the number of weekly applications has started to reduce.

Over the week to June 7, superannuation funds made payments to 167,000 members, bringing the total number of payments to around two million since inception.

This is a drop from the previous two weeks, in which the amount of payments was over 200,000.

The total value of payments during the week past was $1.3 billion, with $14.8 billion paid since inception.

The average payment made over the period since inception is $7475.

The country's largest super fund AustralianSuper is still leading the pack having paid out close to $2 billion to its members.

Hostplus, Rest and Sunsuper are the only other funds to have surpassed the billion dollar mark.

The 10 funds with the highest number of applications received from the ATO have made 1.33 million payments worth a total of $9.76 billion.

The average payment from these funds was $7441, with over 94% of payments made within five days.

Australian Catholic Superannuation and Retirement fund continues to drag its feet, making payments within the five business day timeframe set by APRA 44.9% of the time.

Other funds falling behind meeting the five day deadline include Future Super (54.9%), ING Superannuation Fund (69%), Intrust Super (61.4%) and Mercer Portfolio Service Super Plan (31.3%).

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

Read more: ERSAPRAATOAustralian Catholic SuperannuationAustralianSuperFuture SuperHostplusING Superannuation FundIntrust SuperMercer Portfolio Service Super PlanSunsuperCOVID-19
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