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Early Release Scheme Update

As of 23 August 2020, Hostplus had processed 380,147 early release of superannuation (ERS) applications, totalling over $2.75 billion.

“Given the challenging times in which we find ourselves, we recognise that a number of our members have already taken, and in some cases continue to take, the difficult decision to access their super early as a means of additional financial support,” said Hostplus CEO, David Elia.

“We remain well placed to support those members and have ample liquidity to do so. We are pleased to report that over 97% of ATO-approved requests under the scheme continue to be processed within 5 business days. We would like to take this opportunity to encourage members to visit our website prior to lodging an application to see what steps they need to take to avoid any unnecessary delays in receiving their payments.”

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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