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Early Release Scheme Update

Hostplus has processed 188,056 requests for the early release of super (ERS) scheme and paid out a total of $1.29 billion to its members as of 31 May 2020. 96% of ATO-approved requests have been processed within 5 business days.

“Our staff are working around the clock to ensure our members can access their funds as soon as possible during this challenging time.

“This has allowed Hostplus to process the vast majority of applications within the recommended timeframe, while maintaining our robust security and fraud prevention measures.

“Unfortunately, some requests have been delayed due to the need to conduct further compliance checks or if there is a need for the member to update their account details, and we sincerely apologise to those members who have been affected,” said Hostplus CEO, David Elia.

Hostplus encourages its members to visit the Fund’s website to see what steps they can take to help process their payments quicker.

“We remain committed to supporting our members at their time of need and have put in place additional staff and other resources to manage these applications,” Mr Elia said.

 

- ENDS

Media contact

Ibrahim Rasheed
ibrahimr@bastionrm.com.au
0481 208 331

 
 

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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.