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Early Release Scheme Update

As of 13 September 2020, Hostplus has processed 390,684 early release of superannuation (ERS) applications, totaling over $2.82 billion.

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

“We are proud to support the government’s ERS scheme through which we have been meeting the needs of members who have required additional financial support at this time,” said Hostplus CEO, David Elia.

“Hostplus remains well placed to support those members considering making a claim under this scheme, while maintaining our focus on our primary purpose, which is of course to deliver the best long-term returns to our members so that they can enjoy a dignified retirement.”

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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