Hostplus ready to deploy funds under early access scheme

Hostplus has welcomed the government’s early release of superannuation scheme and said it had ample liquidity available for members wishing to access their super.  

The scheme will allow super members who are undergoing financial hardship due to flow on affects of COVID-19 to access up to $20,000 from their super. 

Hostplus chief executive, David Elia, said “We have ample liquidity available to support members undergoing financial hardship. 

“We want to reassure Hostplus members that we will work to make sure those wishing to access money from their superannuation accounts can do so easily and in a timely fashion.” 

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Elia noted that members needed to carefully consider the long-term impact on their super saving before seeking to withdraw cash from their super accounts. 

“Withdrawing $20,000 from a superannuation account now will substantially reduce members’ final balance on retirement,” he said. 

Members can access the first $10,000 under the scheme by applying to the Australian Taxation Office from 20 April, 2020 and funds would flow to members’ bank accounts shortly afterwards.