05
June
2020
|
08:52
Australia/Melbourne

Early Release Scheme Update

Summary

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.

 

 

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Media contact

David.McNamara@bastionrm.com.au

0455 144 464