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Early Release Scheme Update

As of 26 July 2020, Hostplus has processed 349,943 requests under the early release of superannuation (ERS) scheme, paying out a total of $2.53 billion.

In doing so, the Fund reported that it continues to achieve over 97% of ATO-approved requests being processed within 5 business days.

“We remain committed to supporting our members who have taken the decision to access their super early through the second phase of the government’s ERS scheme, which has recently been extended by the government to the end of this year. We are well-placed to do so both in terms of our liquidity and having ensured we have appropriate resources to continue to manage ERS scheme payments securely and efficiently,” said Hostplus CEO, David Elia.

“We are pleased to report that the vast majority of ATO-approved applications continue to be processed within 5 business days. Some requests have taken a little longer than we would like due to the need for additional checks or in cases where information provided on applications is incorrect. We encourage members to visit our website prior to submitting an application to see what steps they can take to avoid delays.”

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.