Did 5% of super early release applicants empty their accounts?
Superannuation fund executives said that the 5% marker for members who had totally emptied their accounts was typical across many of the funds dealing with early release. The latest APRA data confirmed that REST was among the top 10 funds impacted by the early release scheme which on their own accounted $24.2 billion of the total $36.8 billion withdrawn under the arrangements. The APRA data revealed the most affected funds as being: AustralianSuper which saw 648,518 members withdraw nearly $5 b...
House Of Representatives Standing Committee On Economics Australian Prudential Regulation Authority Parliamentary Committee Representatives Standing Committee Early Release Of Super Scheme Early Release Of Super
Source: moneymanagement.com.au