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Millions of dollars in early super payments are now being processed by profit-to-member super funds to support members who are experiencing financial hardship due to the impact of COVID 19.
From day one of the commencement of the new early release super scheme, funds were at the ready to process payments to eligible members upon receipt of each applicant’s details from the ATO. While some funds received these details on Monday, others had to wait until later in the week.
New figures released today show that 466,000 Australians have so far applied to access a total of $3.6 billion of super through the early release scheme. This is about half the number of Australians who have so far registered their interest with the ATO to access up to $10,000 of their super. The average super payout is $8000.
AIST CEO Eva Scheerlinck said funds and administrators had worked tirelessly with the appropriate agencies and regulators to smooth the path to ensuring the most efficient possible payments system.
“Profit-to-member funds are united in supporting their fund members to access their super quickly and efficiently in these difficult times,” Ms Scheerlinck said.
“Funds are working round the clock to ensure that once they receive the relevant information from the ATO the member’s claim is processed as quickly as possible. Funds are very conscious that their members who are experiencing financial hardship need certainty to avoid further stress.”
Ms Scheerlinck said it was important that all those who needed to access the scheme had double-checked that their bank details were correct and up-to-date.
“If a member provides incorrect bank account details to the ATO they may not get a payment or be delayed,” she said.
It was also important to be on guard against scammers offering to help individuals apply for the early release scheme or pretending to be a representative of a super fund.
“The only way to apply for these early release measures is through the ATO via the secure MyGov portal. There is no need for a third party to be involved and you should never supply your super, bank or any other personal details over the phone to an unsolicited caller or email.”
AIST recognises while many Australians are facing tough times, it’s important that they consider what accessing their super means for them now and into the future. We urge those in difficulty to consider exhausting Government income support measures before accessing their super.
Media enquiries: AIST Senior Media Manager, Janet de Silva 0448 000 499
23 April 2020