Hostplus has processed 246,675 requests for the early release of superannuation (ERS) scheme as of 5 July 2020, paying out a total of $1.69 billion.
With the second tranche of the ERS now open, the fund reported that 96% of ATO-approved requests continue to be processed within 5 business days.
“Since the commencement of the second ERS tranche on 1 July, a number of Hostplus members continue to experience financial hardship to the extent that they have made the decision to access their super early. Given the continuing COVID-19 related challenges being experienced across the nation, we’ve further added to our secure and efficient processes to assist our members during this period,” said Hostplus CEO, David Elia.
“The last few months, during which the first tranche of the ERS scheme operated, have demonstrated that there will inevitably be a small number of members whose ERS payments may be delayed, largely due to the need for additional identification and payment verifications or where members have mistakenly provided incorrect information, such as bank account details. We understand the frustration this may cause those members and we continue to work hard to minimise any delays.”
“Members should also take the time to log into Member Online and ensure that their contact details are up to date prior to submitting an ERS application to the ATO. This will help us process their payments quicker”, added Mr Elia.
Hostplus reminds its members that the ATO’s initial verification of their ERS application can take up to 4 business days and that, once the ATO has advised Hostplus of an approval, it will typically take up to 5 business days for Hostplus to process the payment.
Hostplus’ most recent ERS statistics can be found here.
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