4.8.2.20 Early Release of Superannuation
Summary
This topic covers the following matters:
- early release of superannuation benefits,
- compassionate grounds, and
- severe financial hardship.
Act reference: SSAct section 9(1)-'superannuation benefit'
Policy reference: SS Guide 4.8.2.10 Principles for assessing superannuation investments
Early release of superannuation benefits
There are limited circumstances under which it may be possible to apply for early release of superannuation including:
- compassionate grounds,
- severe financial hardship.
Note: Income support recipients must advise the DHS if any benefits are released.
Policy reference: SS Guide 4.8.2.10 Principles for assessing superannuation investments
Compassionate grounds
Individuals may access their superannuation early on specified compassionate grounds.
However, as the limited circumstances where benefits may be released are administered by the ATO, the trustee will need approval from the ATO before funds can be released.
Act reference: Superannuation Industry (Supervision) Regulations 1994 regulation 6.19A Release of benefits on compassionate grounds
Severe financial hardship
An income support recipient's superannuation fund trustee can provide advice to income support recipients.
However, as the limited circumstances where benefits may be released are administered by DHS, the trustee will need approval from DHS before funds can be released.