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Profit-to member super funds are reporting a smooth implementation of early release payouts after ten days of meeting requests from financially distressed members.
At a regular policy meeting hosted this week by the Australian Institute of Superannuation Trustees (AIST), profit-to member funds representing a range of industries and of varying sizes, confirmed they are readily meeting early release requests from members in need.
The funds at the meeting reported that the extensive work undertaken in short-time frames to meet the unexpected policy change had been effective and that their approach to managing liquidity had successfully ensured they could meet the anticipated increase in early release requests.
Profit-to-member funds are united in supporting their eligible members to access their super quickly and efficiently in these difficult times. The funds have worked together with the ATO to implement the process as quickly and smoothly as possible.
According to the latest data from the Government, more than 900,000 applications have been made to the ATO for early release withdrawals, with more than $7.5 billion approved for release. The average withdrawal is $8,333.
Recently released data from independent research group, Rainmaker, estimates that profit-to-member funds hold about 51 per cent of the total of $397 billion in cash and $549 billion in liquid bonds held by funds across the super sector.
Media enquiries: AIST Senior Media Manager, Janet de Silva 0448 000 499