COVID-19: Early release of $10,000
Many members will be affected by COVID-19 in the coming weeks and months and, for some, the pandemic will mean a loss of income and financial hardship.
The Government has relaxed the rules around early access to super if you need financial relief as a result of the disruption caused by COVID-19. A tax-free withdrawal of up to $10,000 will be available from 20 April 2020 and another $10,000 from 1 July 2020. Applications for this form of early release must be made directly through the ATO. See our Early Release page for more information.
Withdrawals and your insurance
If you have insurance cover attached to your super account, that cover will cease if you close your account or you no longer have a high enough balance to pay the premiums (fees). You can check your current insurance arrangements, and your balance, by logging in to Member Online.
When you can access your super
The purpose of super is to fund your retirement, so there are rules around when and how you can turn it into retirement income.
Generally, you’re able to access your super when you have reached:
- your preservation age and have permanently retired,
- your preservation age and have started a Transition to Retirement account,
- 60 and have stopped working for an employer, or
- 65 (it doesn't matter if you haven't retired).
If you've met one of the above conditions, you can call us on 1800 222 071 to request the relevant form for your circumstances. We can also let you know what options are available to you in retirement (such as a Super Pension).
If you choose to make a withdrawal, please note that it can take time to process. If you need the money for something important, please call us on 1800 222 071 so we can get the ball rolling.
Accessing super early
In certain situations - such as severe financial hardship, compassionate grounds or terminal illness - you may be able to access your super early.
Illness or injury
If you have insurance with TWUSUPER, you may be able to access your account balance if you've stopped working due to an illness or injury.
Insurance benefits are in addition to your account balance.
Super and redundancy
If you're made redundant, you may be entitled to a redundancy payment from your employer. You can find out more about your redundancy entitlements from the Fair Work Ombudsman.
Temporary residents leaving Australia permanently
If you are a temporary resident (excluding New Zealand citizens and holders of certain types of visas) and have departed Australia permanently, you can withdraw your super within six months of leaving the country (if certain conditions are met). To claim your benefit use the Departing Australia Superannuation Payment (DASP) online application.
If you leave the country and do not withdraw your super within six months, we will transfer it to the ATO as unclaimed money. TWUSUPER relies on relief provided by the Australian Securities and Investments Commission (ASIC) and will not provide you with notices or exit statements at the time, or after, the benefits are paid to the ATO. Information on applying to claim a benefit from the ATO can be found at ato.gov.au.
Note: TWUSUPER is not obliged to notify or give an exit statement to a former temporary resident in circumstances where the trustee pays unclaimed super to the Commissioner of Taxation (the Commissioner) under Division 3 of Part 3A of the Unclaimed Money Act (the Act), and the Fund must pay the unclaimed super of a former temporary resident to the Commissioner under Division 3 of Part 3A of the Act. A former temporary resident has the right to apply to the Commissioner to claim the unclaimed superannuation under Division 4 of Part 3A of the Act.