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top 10 funds impacted by the early release scheme which on their own accounted $24.2 billion of the total $36.8 billion withdrawn under the arrangements.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 billion;
Cbus which saw 276,634 members withdraw $2.3 billion;
HESTA which saw 227,020 members withdraw $1.8 billion;
Hostplus which saw 426,015 members withdraw just over $3 billion;
MLC Super which saw 170,565 members withdraw $1.3 billion;