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Early Release Scheme Update

As of 19 July 2020, Hostplus has processed 334,705 requests for the early release of superannuation (ERS) scheme, paying out a total of $2.42 billion.

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

“A number of our members are employed in industries that have been most impacted by the economic crisis caused by the COVID-19 pandemic. We are committed to doing our bit to support them through the early release of superannuation scheme and have put secure and efficient processes in place so that members can access their funds as soon as possible,” said Hostplus CEO, David Elia.

“We are pleased to report that 97% of ATO-approved requests are being processed within the recommended 5 business day timeframe. A small percentage of payments are taking slightly longer than we would like; in many cases this is due to the need for applicants to update their contact information held in our records. We request that members considering lodging an ERS application log into Member Online beforehand and check that their contact details are up to date.”

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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