Update on early release of super May 26, 2020
Intrust Super has had over 14,600 early release of superannuation claims since the provision became available in April. The first week was particularly challenging with over 8,200 claims coming in between 20 April and 26 April, compared to our historical average of 30-40 hardship and retirement claims per week.
Nevertheless, 5% of the claims received in that first week were paid within 5 business days and 95% were paid within 10 business days.
We are pleased that since the first week our processing times have improved. From 27 April onwards, 94% of claims have been paid within 5 business days – the remaining claims requiring a higher degree of processing, validation or security checking.
Should any of your staff need to make an early release claim, this web page provides some guidance regarding the process.