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Early Release Scheme Update

As of 6 September 2020, Hostplus has processed 387,027 early release of superannuation (ERS) applications, totaling over $2.8 billion.

“We know that the COVID-19 pandemic has hit many of our members hard through the sudden loss of employment or reduced hours. Hostplus remains well placed to support those members who have taken the decision to access their super early as a means of additional financial support during these challenging times,” said Hostplus CEO, David Elia.

“Our team has been working hard to ensure members who have lodged ERS applications receive their payments as soon as possible. These efforts have meant that over 97 percent of ATO-approved applications continue to be processed within 5 business days.”

Hostplus encourages members to visit its website prior to lodging an ERS application to see what steps they should take to ensure timely processing of their payments.

The fund also 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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