There are some limited circumstances in which you can access part of your super early, for instance on compassionate grounds, or if you are in severe financial hardship.
The purpose of super is to help you save money for your retirement. Generally you cannot withdraw your super in cash before you reach your preservation age, which is between age 55 and 60, depending on your date of birth.
There are, however, some limited circumstances in which you can access part of your super early, for instance on compassionate grounds, or if you are in severe financial hardship.
By law, there are strict eligibility guidelines about releasing super under these conditions.
Please contact us for more information before applying to access your super under these circumstances.
Note: If you are a defined benefit member of the fund, you can apply to access part of your super on these grounds. However, there may be significant implications to your defined benefit.
You must meet certain criteria to be eligible to request an early release of your super based on severe financial hardship.
A minimum of $1,000 and a maximum of $10,000 (before tax) in any 12-month period can be released from your preserved super if the trustee accepts your claim for financial hardship. Only one payment can be made in any 12-month period. Any benefit payable is subject to tax if you are under age 60. If you’re over age 55, there are no cashing restrictions.
Please contact us for more information or to make a request.
There are a limited number of reasons in which compassionate grounds may be considered for early release of your super:
More information on compassionate grounds is available from the Department of Human Services (DHS) website.
The DHS must give permission for you to access your superannuation early. However, a super fund trustee must also agree to release your super (which will generally be the case in our fund).