Early Release Scheme Update
Hostplus has processed 212,972 requests for the Early Release of Superannuation (ERS) scheme as of 14 June 2020, totaling $1.46 billion. 96% of the ATO-approved requests continue to be processed within 5 business days.
“While the vast majority of requests under the ERS scheme have been processed within the recommended time period, we know that a small percentage of these continue to be delayed due to the need for additional security checks or because a member needs to update their account details.
“Our team is working closely with the ATO to ensure that those payments are processed as quickly as possible. We encourage members making requests under the ERS to double check their account information to avoid any unnecessary delays,” 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, including ensuring the information on their MyGov account is accurate.
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