Early Release of Super (ERS) Update - Final Figures

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The Australian Prudential Regulatory Authority (APRA) has released the final figures of the government’s Early Release of Superannuation Scheme.

Over 3.5 million Australians pulled retirement savings out to manage financial strain during the pandemic. Over 37.3 billion was removed from the superannuation system between 20 April 2020 to 31 December 2020.

Top numbers:

  • Treasury initially estimated $29 billion would be taken out, then revised it to $42 billion, and it fell somewhere in the middle

  • 14 million people applied twice

  • The average payment made was $7402

  • Repeat applications were on average $8268, with initial applications sitting at $7402

  • AustralianSuper paid out the most, at $5 billion, with Sunsuper behind at $3.66 billion and Hostplus $3.1 billion

  • The funds that paid their members within the five days 100 per cent of the time were the Meat Industry Employees Superannuation Fund, Incitec Pivot Employees Superannuation Fund and the Fire and Emergency Services Superannuation Fund, though overall these funds combined only paid out $71.2 million to almost 10,000 total members

  • Most payments were made on time overall