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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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This website is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund (the Fund) ABN 68 657 495 890, MySuper No 68657495890198. Hostplus Self-Managed Invest (SMI) is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Pooled Superannuation Trust (PST) ABN 13 140 019 340. It contains general advice only and does not take into account your personal objectives, financial situation or needs. You should consider if this information is appropriate for you in light of your circumstances before acting on it. Please read the relevant Hostplus Product Disclosure Statement (PDS) or Hostplus SMI PDS before making a decision about Hostplus. For a description of the target market, please read the Target Market Determination (TMD), available at hostplus.com.au. You can view detailed disclaimers here. Hostplus has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of personal financial advice to members of Hostplus. Advice is provided by financial planners who are Authorised Representatives of IFS. Fees may apply for Comprehensive Financial Advice, further information about the cost of comprehensive advice is set out in the relevant IFS Financial Services Guide, a copy of which is available from your financial planner. Hostplus has engaged Link Advice Pty Ltd ABN 36 105 811 836, ASFL 258145 to facilitate the provision of limited personal financial advice to members of Hostplus via the web-based product Super Adviser.