Hundreds of account holders at major super funds Hostplus and Rest are complaining about long wait times, poor communication and payment delays as members rush to participate in an emergency government scheme allowing early withdrawals.
People who have lost work as a result of the coronavirus pandemic can withdraw up to $20,000 from their super accounts in two instalments under the scheme, with the first phase opening up last week. Hostplus says 7 per cent of its members took advantage of the scheme last week, with the average claim being $7,134. The fund said it has already paid out $603 million but scores of members say they are still waiting.
"Surely there is something that can be done to encourage these super funds to do the correct thing or at least make them improve communications with clients on the actual stages of process for our funds," the letter said. Rest Super received 94,264 applications as of Wednesday totalling $683 million from the ATO as of Tuesday this week, making up 5 per cent of the fund's total members. Members in their thirties have been most likely to apply and the average withdrawal has been $7,248.
CharlotteGriev1 They have run out cash
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