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SUPERANNUATION; CAN I CASH IN MY SUPER POLICY EARLY TO PAY MY BILLS?

Now that employers are obliged by law to make contributions to super funds for certain employees even if they were only working on a casual basis, many people have benefits sitting in a number of superannuation schemes.

Generally those amounts are preserved benefits, which cannot be accessed until you are 55, and have stopped working.

However there is provision in the legislation which would allow those preserved benefits to be released on either the grounds of Severe Financial Hardship and/or Compassionate Grounds.

Severe Financial Hardship

The main test to determine "severe financial hardship" requires that:

The applicant is currently in receipt of a Centrelink or Veterans Affairs income support payment, and
Hhas been in receipt of that payment for a specified period of time.
The "specified period" varies depending on your age

For people under 55 years and 39 weeks the qualifying factor is: to have been in receipt of an income support payment from Centrelink or Veterans Affairs for the 26 weeks immediately prior to the claim for early release of preserved benefits.

For people aged over 55 years you need to have been in receipt of an income support payment for a cumulative period of 39 weeks after turning 55.

If you are currently in prison you may not qualify for the release of benefits on those grounds because you are not entitled to receive a Centrelink or Veterans Affairs income support payment. If you have been released from prison you may be eligible once you have been in receipt of one of those payments for the specified time.

Release of Funds on Compassionate Grounds

The other possible option for people wanting to access the preserved benefits might be to apply to the Australian Prudential Regulation Authority (APRA) for early release of preserved benefits on compassionate grounds. Release of funds on compassionate grounds is limited to:

costs related to substantial illness or disability of the fund member (or a dependant) and/or
to meet certain mortgage repayments to prevent the lender foreclosing on that mortgage.

If you have voluntarily paid extra contributions yourself you may be able to access these. You will need to contact your own superannuation scheme for more information.

To Find Out What Super Benefits You Have

You may need to contact your superannuation fund to find out what benefits you have.

If you have lost track of all the schemes you are with, or you are uncertain whether or not you even have any superannuation benefits at all, you can contact the Australian Tax Office for assistance.

Useful contact points

Australian Taxation Office
45 Francis Street
NORTHBRIDGE WA 6003

Tel: (08) 9268 5111

Australian Prudential Regulation Authority

GPO Box 9836 SYDNEY NSW

Tel: (02) 9210 3000
Fax: (02) 9210 2411
Website: www.apra.gov.au

WARNING! This information sheet is intended ONLY to provide general information and should not be regarded as legal advice. You may need to seek further information and/or advice about your personal circumstances.

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