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No slowing ERS applications

Around 177,000 applications for the Early Release of Super scheme were received in the week ending May 31, as the total approaches two million.

Since the inception of the scheme in mid-April, payments that have been made to eligible members have taken an average of 3.3 business days after receipt of the application from the Australian Tax Office (ATO) and 95% have been made within five business days.

Over the week to May 31, superannuation funds made payments to 177,000 members, bringing the total number of payments to 1.8 million.

The total value of payments during the week was $1.3 billion, with $13.5 billion paid since inception. The average payment made over the period since inception is $7473.

Among all funds that submitted data to APRA, 76% completed more than 90% of payments within the five business day guideline.

Further, 1.4%, payments to members have been completed within 10 or more business days from receipt of applications from the ATO.

The 10 funds with the highest number of applications received from the ATO have made 1.22 million payments worth a total of $8.96 billion.

The average payment from these funds was $7446, with over 94% of payments made within five days.

AustralianSuper has paid out $1.8 billion to its members, followed by Sunsuper at $1.38 billion, Hostplus at $1.28 billion and Rest at $1.23 billion.

While the majority of funds are able to make the payments within the five business day guide over 90% of the time, there are a number who have continued to drag their feet.

Despite only receiving 16 applications so far, Mercer Portfolio Service Superannuation plan has only made payments within five business days 33% of the time.

Australian Catholic Superannuation and Retirement fund remains one of the worst offenders, making the five day limit 40.7% of the time and within 10 days 23% of the time.

Other stragglers include Future Super, meeting the five day limit 51.7% of the time, and Qantas Super making payments within the time frame 64.2% of the time.

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

Read more: ERSATOEarly Release of SuperAPRAAustralian Catholic SuperannuationAustralianSuperAustralian Tax OfficeFuture SuperHostplusMercer Portfolio Service SuperannuationQantas SuperSunsuper\
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