Early access to super
In some circumstances you can access your preserved super before you reach preservation age. If your total preserved benefit is $200 or less, you may be able to take your full savings as cash.
Preservation Minimum
If your preserved amount is $200 or less, you can take the money as cash.
Severe Financial Hardship
If you suffer severe financial hardship and want to access some of your super before reaching preservation age and permanently retiring from the workforce, or age 60, the law requires that you apply to the AvSuper Trustee.
Government rules also stipulate that you must satisfy certain criteria, depending on your age.
If you are under age 55 and 39 weeks, you must be able to:
- provide written evidence from a Commonwealth support agency that you have received Commonwealth income support payments for a continuous period of 26 weeks
and
- satisfy the Trustee that you cannot meet your reasonable and immediate family living expenses.
The maximum amount that may be released in a 12 month period is $10,000; the minimum is $1,000.
If you are over age 55 and 39 weeks, you must be able to:
- provide written evidence from a Commonwealth support agency that you have received Commonwealth income support payments for a continuous period of 26 weeks
and
- satisfy the Trustee that you cannot meet your reasonable and immediate family living expenses.
The minimum and maximum amounts that may be released in a 12 month period are $1,000 and $10,000 respectively.
OR
- provide written evidence from a Commonwealth support agency that you have received Commonwealth income support payments for a cumulative period of 39 weeks
and
- are not employed either full time or part time when making the application.
There are no minimum or maximum amounts.
Defined benefit members may be required to transfer to the accumulation plan if they wish to access money on financial hardship grounds.
Compassionate Grounds
If you wish to obtain your preserved super on compassionate grounds before reaching preservation age and permanently retiring from the workforce, you must apply to the Australian Prudential Regulation Authority (APRA).
SUper savings can only be released on approved grounds to provide money required by specific circumstances. These include:
- medical treatment or medical transport for a member or dependant who cannot access such treatment/transport through the public health system. (Need two medical certificates, including one from a specialist.)
- to 'buy time' where a mortgagee has threatened foreclosure on the member's home. (Need specified documentation from the lender.)
- changes to the family home and/or family vehicle to meet special needs of a disabled dependant. (Need quotes for modifications.)
- palliative care or death, funeral or burial expenses for a member or dependant. (Need a supporting invoice.)
Leaving Australia Permanently
If you are a foreign national other than from New Zealand, who is leaving Australia permanently you can access your superannuation. Note that if you don't claim your super within a certain timeframe, it may be forfeited to the Government.
