Early access to Superannuation
There are government placed restrictions on when superannuation members can access their benefits.
In general, a benefit may only be paid when you have permanently retired and obtained preservation age, or at age 65.
However, there are some exceptions that apply under special circumstances.
Please see below for details on the different types of early release circumstances and the eligibility criteria to make an application.
Special circumstance
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Type of release
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Eligibility criteria
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Severe Financial Hardship
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This applies if you are not able to meet your family's living expenses.
There are three key requirements that you need to meet to be able to access your superannuation early on the grounds of severe financial hardship.
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- You must be receiving an Australian Commonwealth Income Support Payment, and must have received this for at least 26 weeks in a row
- You must be unable to meet reasonable and immediate family living expenses and
- You must not have received a payment for severe financial hardship in the last 12 months from a superannuation fund.
How to apply: Click here to obtain an application form.
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Compassionate Grounds
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This applies if you have significant medical costs in your family (including costs for modifications to your home or car due to disability),
or you are at risk of your home being sold by your mortgage lender, or to help with funeral expenses for a dependant.
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Early access to your superannuation on compassionate grounds needs to be approved by the
Department of Human Services (DHS).
How to apply: Click here to go to the Centrelink website for further information on how to apply.
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Permanent Incapacity
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This applies in the event you become permanently incapacitated and are unable to engage in gainful employment
for which you are qualified by education, training or experience
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- You must provide completed Permanent Incapacity claim forms by 2 independent medical practitioners familiar with your circumstances
confirming that you are permanently incapacitated and can no longer work in a position for which you have qualifications, training and experience; and
- You must provide a completed Statutory Declaration declaring that due to ill health you are unlikely to engage in gainful employment
for which you are qualified by education, training or experience
How to apply: Click here to obtain the Permanent Incapacity application pack.
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Terminal Illness
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This applies in the event you are suffering from a terminal illness with a life expectancy prognosis of less than 12 months
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You must provide Terminal Illness Benefit Medical certificates completed by your current treating doctor and your current treating specialist.
The reports must be less than 2 years old and confirm a life expectancy period of no more than 12 months after the date of certification.
How to apply: Click here to obtain the Terminal Illness application pack.
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Temporary Residents leaving Australia
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This applies to temporary residents permanently departing Australia who have worked in Australia on an eligible temporary resident’s
visa and have had superannuation guarantee payments paid into a superannuation or retirement savings account.
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- You must have worked on an eligible temporary residents visa; and
- You must be permanently* departing Australia.
How to apply: Click here to check your visa eligibility on the ATO website.
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Death
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In the event of death, benefits are paid in accordance with the nominations you have made and recorded on your account.
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Eligible nominations are as follows
- Binding death nomination
- Trustee discretion, or
- Reversionary pension (for income stream products only)
How to apply: Click here to download a current version of the Product Disclosure Statement for further details on making a nomination.
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*An individual may still be able to return to Australia on another visa, even if they have claimed and received the departing
Australia Superannuation payment.
Please note that the Trustee and Administrator has the final discretion in relation to any applications for early release.
For further information on accessing your superannuation, you can refer to the Australian Taxation Office or the Department of Human Services websites
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