Members of superannuation funds for federal public servants and military personnel have withdrawn $169 million from their balances while claiming financial hardship caused by COVID-19.
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New figures from the Australian Prudential Regulation Authority show nearly 20,000 applications have been granted for early access to superannuation held by funds for Commonwealth employees.
The Commonwealth Superannuation Corporation managing the funds said it was likely most of the members who had accessed their superannuation early were no longer Australian Public Service or ADF employees.
Superannuation funds for federal bureaucrats have paid $91 million to members claiming a financial hit from the coronavirus since April, while other funds for Australian Defence Force personnel have released $78 million.
The superannuation schemes allow former public servants and military personnel to remain members after leaving Commonwealth employment.
A Commonwealth Superannuation Corporation spokesperson said the majority of its clients accessing superannuation early were customers who no longer contributed to their fund.
A fund for ADF personnel closed to new members since 2016, the Military Superannuation and Benefits Fund, has paid $73.6 million to nearly 9000 people accessing their superannuation early. It has 184,000 members and $9.9 billion in funds under management.
The fund open to federal public servants since 2005, the Public Sector Superannuation Accumulation Plan, has released $52.8 million to 6000 people applying for early access to superannuation. The scheme has 136,200 members, and $14 billion in funds.
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Another fund covering older bureaucrats and closed to new members since 2005, the Public Sector Superannuation Scheme, has paid $38.2 million to more than 4200 members. The PSS has more than 221,000 members and is $19.53 billion in size.
The Commonwealth Superannuation Corporation spokesperson said the amount of members accessing superannuation early during COVID-19 was at the lower end of its predictions.
"The amount CSC customers have accessed is certainly well within the risk tolerance we have set for ongoing fund liquidity," the spokesperson said.
The Australian Public Service Commission overseeing the APS workforce said past and present Commonwealth employees may be eligible for early release of superannuation if they were experiencing adverse financial effects due to COVID-19.
"This temporary support builds on the existing measures for early release of superannuation for hardship and medical grounds, and recognises that some individuals may be facing changed family circumstances such as reduced whole household incomes," a commission spokesperson said.
The federal government has allowed early access to superannuation for people who are unemployed, eligible for social welfare, made redundant or who have lost 20 per cent or more of their working hours or business turnover during the coronavirus.
Eligibility for early access to superannuation due to COVID-19 is set by the Australian Taxation Office and is self-assessed.
People accessing superannuation early were able withdraw up to $10,000 between April 20 and June 30, and up to another $10,000 can be accessed from July 1 until September 24.
The Australian Prudential Regulation Authority reported $18.1 billion has been withdrawn from funds since April by people accessing their superannuation early.