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Early Release Scheme Update

As of 9 August 2020, Hostplus has processed 367,508 early release of superannuation (ERS) applications, totaling over $2.66 billion.

The fund reported that it continued to process over 97% of ATO-approved requests within 5 business days.

“We are continuing to support our members who are seeking to access their super early as a means of additional financial support during these challenging times,” said Hostplus CEO, David Elia.

“Our team is working closely with the ATO to ensure that all payments are processed as quickly as possible, while maintaining our robust security and fraud prevention measures. We encourage members making requests under the ERS scheme to double check their account information prior to submitting an application to avoid any unnecessary 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 application.

Hostplus’ most recent ERS statistics can be found here.

 
 

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