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Early Release Scheme Update

As of 12 July 2020, Hostplus has processed 303,006 requests for the early release of superannuation (ERS) scheme, paying out a total of $2.17 billion.

The fund reported that 97% of the ATO-approved requests have been processed within 5 business days.

“Some of our members have submitted requests to access their super early under the second phase of the ERS scheme. We understand that this continues to be a challenging time for communities across the country and are working hard to ensure members who are seeking to access their super as a means of extra financial support receive their payment as soon as possible,” said Hostplus CEO, David Elia.

“While the vast majority of Hostplus members have been paid within five business days, a small number have experienced delays in receiving their payments. This is due to a need for additional checks and processes to ensure the accurate and secure processing of these payments.”

“In many instances, delays have also been due to contact details provided to us being out of date. Members can avoid this by logging into Member Online and checking that their contact details are correct prior to lodging an application.”

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.