Early release of super

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Early release categories

In the case of severe financial hardship, compassionate grounds or terminal illness, you may be able to access your super early. To find out more call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.

Severe financial hardship

You can apply for the early release of your super on the grounds of severe financial hardship if you have:

  • been receiving Commonwealth income support payments for the last 26 weeks and are unable to meet reasonable and immediate family living expenses, or
  • reached your preservation age plus 39 weeks, are not gainfully employed and have been receiving Commonwealth income support payments for the last 39 weeks.

Only one payment amount can be released in each 12-month period. The payment amount is at the Trustee’s discretion having regard to the hardship circumstances supported by your application and accompanying documents, but can be no more than $10,000 before tax.

Compassionate grounds

You may withdraw your super on compassionate grounds to cover the following:

  • medical or dental treatment including transportation costs (for yourself or your dependants)
  • losing your home because you are unable to meet mortgage repayments
  • modifying your home or vehicle in the case of severe disability (for yourself or your dependants)
  • paying for expenses relating to terminal illness (for yourself or your dependants)
  • paying for expenses associated with a dependant’s death, funeral or burial.

You must obtain approval from the ATO via the myGov website (my.gov.au) – phone the ATO on 13 10 20 for more information.

Terminal illness

Insured members with Death cover may become eligible for benefit payments if you are diagnosed with a terminal illness.

Terminal illness benefit payments may be made tax free if each of the following conditions are met:

  • two registered Medical Practitioners certify, jointly or separately, that you suffer from an illness, or have incurred an injury, that is likely to result in your death within 24 months of the certification (certification period)
  • at least one of the registered Medical Practitioners is a specialist practising in an area related to the illness or injury suffered by you
  • for each of the certifications, the certification period has not ended
  • the Insurer is satisfied on medical or other evidence that, despite reasonable medical treatment, your illness or injury is likely to result in your death within the certification period, and
  • the illness or injury that you suffer from occurs, and the date of the certifications takes place, while you are insured under the policy.