Industry super funds are being hit with the lion's share of redemption requests in the first week of the federal government's controversial early access scheme, with their member applications coming in at three times the volumes experienced by bank-owned and retail funds.
The Australian Financial Review can reveal that at least 100,000 requests for early access to superannuation have come from members of funds belonging to the $639 billion retail superannuation sector, including those operated by the big four banks.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
