26
June
2020
|
04:08
Australia/Melbourne

Early Release Scheme Update

Summary

As of 21 June 2020, Hostplus has processed 225,540 requests for the early release of superannuation (ERS) scheme, paying out a total of $1.55 billion.

96% of the ATO-approved requests continue to be processed within 5 business days.

“Since the ERS scheme commenced, our team has been working around the clock to ensure members who have made applications under this scheme receive their funds in a timely manner. Many of our members work in industries that have been hit hard by the pandemic and this has been an exceptionally challenging time for them. We have paid $1.55 billion to date, while ensuring robust measures are in place to protect our members,” said Hostplus CEO, David Elia.

“Some of our members may experience delays due to the need for additional security checks or because they need to update their account details. We are working closely with our administrator to ensure those payments are processed as quickly as possible and encourage members making requests under the ERS scheme to double check their account information.”

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 they provide the ATO, such as bank account details, are accurate.

 

 

 

-ENDS

 

Media contact

David.McNamara@bastionrm.com.au

0455 144 464