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Accessing super early: 12 legal reasons to cash your super

March 17, 2013
By 78 Comments

Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune.

We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can apply for early release of super.

Claiming superannuation benefits means you must satisfy certain super rules.

In brief, there are 12 ways to unlock your super early.

In most cases you cannot withdraw your superannuation until you reach your ‘preservation’ age, which is at least 55 and can be up to the age of 60 years depending on your date of birth. For anyone born before 1 July 1960, the preservation age is 55 and steadily increases to 60 years of age for those born on or after 1 July 1964 (see table below).

‘Preservation’ in this context simply means locked away, although some Australians who have had superannuation accounts prior to 1999 may also have some ‘unrestricted non-preserved’ benefits which they can access at any time.

Note: ‘Preserved’ benefits do not mean that your superannuation benefits are a fixed, guaranteed amount; just that they are locked away until you reach your preservation age and retire, or, satisfy another condition of release.

What is your preservation age?

Date of birth Your preservation age
Before 1 July 1960 55
From 1 July 1960 until 30 June 1961 56
From 1 July 1961 until 30 June 1962 57
From 1 July 1962 until 30 June 1963 58
From 1 July 1963 until 30 June 1964 59
On or after 1 July 1964 60

Source: Australian Taxation Office superannuation website (www.ato.gov.au/super) 

When you can access your superannuation

In most cases, you can only access your super if you satisfy a condition of release. Satisfying a condition of release means your preserved benefits can become unrestricted — that means you can access your super now provided the rules of your fund also let you cash your super.

The Conditions of Release are

  1. Retirement
  2. Preserved amount of super benefits is less than $200
  3. Reaching the age of 65
  4. Decision to start a transition-to-retirement pension (TRIP)
  5. Severe financial hardship
  6. Compassionate grounds
  7. Non-resident leaving Australia permanently
  8. Permanent disability
  9. Temporary incapacity
  10. Death
  11. Decision to take your benefit as lifetime pension or annuity
  12. Cease employment and have certain pre-1999 super benefits

1. Retirement

Retirement is the most common condition of release. The following SuperGuide articles help explain what ‘retirement’ means when accessing super benefits:

Note: There is a special ‘retirement’ rule for individuals aged 60 or over who cease an employment arrangement. A relatively unknown sub-category of the ‘retirement’ condition of release is where a person is aged 60 or over but under the age of 65 and they cease an employment arrangement. In these circumstances, the person can be considered ‘retired’ for the purposes of accessing super. If an employment arrangement continues however, then turning 60 on its own is not considered a condition of release. See also condition of release no 3 (Reaching the age of 65). The following SuperGuide article explains how this exception works: Does changing to part-time at 60 count as ‘retiring’?

2. Preserved amount of super benefits is less than $200

You can access your preserved benefit if you leave a job where your employer was contributing to your fund on your behalf, and the preserved superannuation benefit is less than $200.

3. Reaching the age of 65

As soon as you reach the age of 65, you can access your entire superannuation benefit, even when you haven’t retired from the workforce. The following SuperGuide articles help explain why you can access your super benefits when you reach the age of 65, even if you choose to continue working:

4. Decision to start a transition-to-retirement pension (TRIP)

You can access your super as a non-commutable income stream/pension without retiring provided that you’re aged 55 or over and you withdraw no more than 10 per cent of your account balance each year. Non-commutable means that you cannot convert your pension account to a lump sum payment. The following SuperGuide articles help explain how a transition-to-retirement pension (TRIP) works:

5. Severe financial hardship

If you fall on hard times, you may be able to get some of your superannuation back if you satisfy the special conditions that constitute the government’s view of ‘severe financial hardship’. The trustee of your fund may give you access to a portion of your benefit, subject to certain conditions. In general terms, here are the rules:

a. You have been receiving Commonwealth Government income support, for example, unemployment benefits, for at least 26 weeks, continuously, and the trustee of your super fund is satisfied that you can’t meet immediate family expenses.

b. Any payment is for the purposes of meeting everyday living expenses and can be one payment of no more than $10,000 (including tax) in any 12-month period.

c. If you’ve reached your preservation age, you may be able to receive your entire superannuation benefit provided that you’ve been in receipt of government income support for at least 39 weeks.

The following SuperGuide articles help explain some of the scenarios that may fall within the special condition of ‘severe financial hardship’, and also circumstances that fall outside the rules:

6. Compassionate grounds

Your fund can release, before you retire, part or all of your preserved benefits if you’re suffering a life-threatening illness, or trying to prevent the bank selling your home because of overdue loan repayments. You can also apply for early release of superannuation on compassionate grounds to fund funeral or medical expenses, or palliative care.

If you or one of your dependants are severely disabled, you can apply to access your super if this disability requires your home or car to be modified due to the disability. First, contact your fund to find out whether it permits early release of any preserved benefits.

If your fund does permit this type of early access, you can then apply to the Department of Human Services (www.humanservices.gov.au) for early release of your preserved benefit on compassionate grounds. The following SuperGuide articles help explain some of the scenarios that may fall within the special condition of ‘compassionate grounds’, and also circumstances that fall outside the rules:

7. Non-resident leaving Australia permanently

If you’re a non-resident of Australia, you can access your Australian superannuation benefit when you permanently leave Australia. You’re a non-resident if you enter Australia on an eligible temporary resident visa. Note that, under this specific condition, if you are an Australian and New Zealand citizen, or a permanent resident of Australia, or you hold a retirement visa, then you cannot access your super benefits when you leave Australia permanently. The following SuperGuide articles help explain who is eligible (and who is not eligible) to access super benefits when they depart Australia permanently:

8. Permanent disability

You can access your preserved super benefits if you become permanently incapacitated, that is, the trustee of your super fund is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience.

9. Temporary incapacity

Your fund may automatically provide income protection insurance, or you may be able to apply for such insurance via your superannuation fund. If you suffer prolonged illness or disability you can access this insurance cover and receive a regular income, usually for up to two years.

10. Death

If you die, your superannuation fund pays your death benefit to your estate, or to your spouse or other dependants. The following SuperGuide articles help explain what happens to your super benefits if you die:

11. Decision to take your benefit as lifetime pension or annuity

Provided you take your super as a non-commutable lifetime pension or annuity, you can access your super at any age. A non-commutable lifetime pension or annuity is one that you receive for your lifetime and which you can’t convert to a lump sum amount. Typically, this lifetime pension option is available in older public sector super funds.

12. Cease employment and have certain pre-1999 super benefits

If you’ve been a member of a super fund since before 1 July 1999, you can cash your ‘restricted benefit’ only when you cease employment with your employer. A restricted benefit is a special category of super benefit that Australians who were super fund members before 1 July 1999 may hold. The following SuperGuide article explains how this exception works: Unrestricted access to super, sometimes

Accessing super early: 12 legal reasons to cash your super Super Guide

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Accessing super, Accessing super early, How super works, Retirement planning

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Comments

  1. Robert McDowell says:
    July 7, 2011 at 2:43 pm

    I am a 56 year old man. Due to the housing crisis in Sydney I became homeless two years ago. I have been living in a campervan for two years. The vehicle I own is the third thus far. It is old and failing. Due to health problems I work approx. 20 hours a week only. I do not receive centrelink payments.
    Is there any way to access my super so as to improve my living conditions?

    Reply
  2. teona says:
    June 16, 2011 at 7:52 am

    Hi
    I am singel mother and pensioner. My super is build only by personal contribution and not by employers contribution. Does that makes any difference If I want to access my super early?

    Reply
    • Trish Power says:
      July 20, 2011 at 1:42 pm

      Hi Teona
      Thanks for your comment. You will need to check with your super fund whether it has special rules that prevent access to your super, even when you satisfy the severe financial hardship rules or other conditions of release. Type in ‘accessing super early’ into SuperGuide’s search function for more articles on the topic.
      Regards
      Trish

      Reply
  3. Tiffany says:
    June 1, 2011 at 6:37 am

    Is there any way of accessing my husbands super early since we are going through a divorce and i’m awarded half of his super.

    Reply
  4. Tom Kite says:
    May 31, 2011 at 8:26 pm

    Hi Trish
    Your site is a valuable tool to get some insights into the super minefield.
    In reviewing whether I could acess my super in times of financial hardship I found an answer relating to length of unemployment which included the taxation notation that 20% tax will be deducted (see item below). My question is whether such tax is mandatory on all withdrawals for someone in my age bracket, ie, 61, or is it still tax free even though I’m not fully retired? I aim to keep working but not sure whetehr that will eventuate and may need to acess some emergency super funds.
    Thanks
    Tom

    ‘Warning: You may not be aware that if you are permitted to access your super benefits, then 20% tax (and possibly up to 25% tax depending on the type of super fund that you belong to) will be deducted from the super benefit before it reaches your hands.’

    Reply
    • Trish Power says:
      June 8, 2011 at 10:15 am

      Hi Tom
      Thanks for your comment. Due to your age (over 60), if you are able to access your super benefits then you can expect to receive them tax-free.
      Regards
      Trish

      Reply
  5. paul says:
    May 9, 2011 at 2:32 pm

    hi trish
    im 24 im curntly paying off my house but i have a loan which a debt company bought off the bank they sent me a letter of demand saying i have until the end of the month to pay the amount or there going to take my house is there any way i can take out my super to pay that so i dont lose my family home.
    thanks paul

    Reply
    • Trish Power says:
      May 10, 2011 at 11:19 am

      Hi Paul
      Thanks for your email. I’m sorry to read about your circumstances.

      You will need to check that your super fund permits early access of super benefits, and then approach the Australian Prudential Regulation Authority to apply for early release on compassionate grounds.

      You can check out the APRA link : http://www.apra.gov.au/superannuation/early-release-of-superannuation-benefits.cfm

      APRA has some discretion to release super benefits where circumstances are consistent with the specified compassionate grounds (see sub-regulation 6.19A (1) (f) of the Superannuation Industry (Supervision) Regulations 1994) I have set out the sub-regulation below, but I strongly recommend that you contact APRA for more information.

      I wish you the best of luck

      Regards

      Trish

      6.19A Release of benefits on compassionate grounds

      (1) A person may apply to the Regulator for a determination that an amount of the person’s preserved benefits, or restricted non-preserved benefits, in a superannuation entity may be released on the ground that it is required:

      (a) to pay for medical treatment or medical transport for the person or a dependant; or

      (b) to enable the person to make a payment on a loan, to prevent:

      (i) foreclosure of a mortgage on the person’s principal place of residence; or

      (ii) exercise by the mortgagee of an express, or statutory, power of sale over the person’s principal place of residence; or

      (c) to modify the person’s principal place of residence, or vehicle, to accommodate the special needs of the person, or a dependant, arising from severe disability; or

      (d) to pay for expenses associated with the person’s palliative care, in the case of impending death; or

      (e) to pay for expenses associated with a dependant’s:

      (i) palliative care, in the case of impending death; or

      (ii) death; or

      (iii) funeral; or

      (iv) burial; or

      (f) to meet expenses in other cases where the release is consistent with a ground mentioned in paragraphs (a) to (e), as the Regulator determines.

      Reply
  6. Darren says:
    May 1, 2011 at 4:02 pm

    Hi Trish
    I’m a 29 year old full-time student on Austudy. This year my study load has increased dramatically and prevented me from working at my casual job. This has meant a huge reduction in my planned income for the year and I’m struggling to pay for my expenses.
    I’ve managed to accumulate a sizeable super that could definitely solve my financial concerns until I graduate at the end of next year. However my super fund has a clearly stated policy of not allowing its customers to access their super for financial hardship reasons.
    I had a couple of questions related to this: Is there a way to appeal this policy, either to my fund or to a higher power? Would I qualify for financial hardship anyway? Lastly, would it be possible to transfer to another fund that does allow access for financial hardship and is there a waiting period for accessing funds after transferring?
    thankyou

    Reply
  7. Debra Wills says:
    April 20, 2011 at 2:17 pm

    Hi Trish
    I am 50 years old and work full time, I need a Total Hip replacement and was wondering if I would qualify to get some of my super to pay my medical bills and to live on while I am off work with disability which will be 6-12 weeks.
    Thanks
    Debra

    Reply
    • Trish Power says:
      April 27, 2011 at 2:35 pm

      Hi Debra
      Thanks for your email and I’m sorry to read about your circumstances.
      It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.

      You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds (and you will need to verify with APRA that early release is possible to finance a hip operation) by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

      Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.

      The following SuperGuide article may also be helpful:

      http://www.superguide.com.au/accessing-superannuation/accessing-super-early/serious-illness-or-surgery

      I wish you all the best.
      Regards
      Trish

      Reply
  8. Margaret Millward says:
    April 4, 2011 at 11:33 am

    Hi I have been on workcover for over a year now due to a back injury and am finding it very hard financially with every day living expences etc. At this stage it looks like I wont be able to go back to what I was doing, I am in aged care. I am wondering if I can access some of my super just to help us be able to pay our bills etc, I live in Victoria thankyou Margaret

    Reply
    • Trish Power says:
      April 6, 2011 at 9:37 am

      HI Margaret
      Thanks for your comment. I am sorry to read about your circumstances.

      My response is nearly identical to the response I provided to Dave in the comments section of the article.

      It may be possible to access super benefits due to permanent disability. You can access your preserved super if you become permanently incapacitated, that is, the trustee is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience. You will need to discuss this with your doctor and your super fund, to see if you satisfy the conditions.

      It is possible to apply for early release of super benefits on
      compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.

      You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

      Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.
      If you’re on a Centrelink benefit, you may be able to access super benefits if you’re in severe financial hardship.

      We have many articles on ‘accessing super early’ on the SuperGuide website, which you may find helpful: http://www.superguide.com.au/accessing-superannuation/accessing-super-early

      I wish you all the best.

      Regards
      Trish

      Reply
  9. matilda says:
    April 3, 2011 at 6:44 pm

    thank you for the information and the wonderful service you are providing. much appreciated.

    Reply
  10. dave says:
    April 2, 2011 at 3:21 pm

    I have a chronic illness which has forced me to leave my job, I will not work again, under the provisions can I withdraw my super? Thanks

    Reply
    • Trish Power says:
      April 5, 2011 at 7:57 pm

      Hi Dave
      Thanks for your email. I am sorry to read about your circumstances.
      It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.

      You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

      Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.
      It may also be possible to access super benefits due to permanent disability. You can access your preserved super if you become permanently incapacitated, that is, the trustee is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience. You will need to discuss this with your doctor and your super fund, to see if you satisfy the conditions.

      If you’re on a Centrelink benefit, you also may be able to access super benefits if you’re in severe financial hardship.

      We have many articles on ‘accessing super early’ on the SuperGuide website, which you may find helpful.
      http://www.superguide.com.au/accessing-superannuation/accessing-super-early

      I wish you all the best.

      Regards
      Trish

      Reply
  11. mohammad says:
    March 28, 2011 at 3:25 pm

    Hi, I have a question regarding early release of my super, I have 9 dependants and 3 of those have special needs, I was wondering if I could withdraw my super early so that I can provide a bigger house for my autistic son, I am 46 and currently there are 11 of us in a small 3 bedroom villa, which is not very secure(my son tends to run off and he doesn’t understand the concept of danger), 4 of my kids sleep in the loungeroom, my wife does not work due to her caring commitments, I still work fulltime but it is very hard for us to gather even a small amount of savings, is there a way to access my super for compassionate grounds. Thank You.

    Reply
    • Trish Power says:
      April 5, 2011 at 1:08 pm

      Hi Mohammed
      Thanks for your email and I’m very sorry to hear about your circumstances.

      It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific, they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home. The compassionate grounds don’t refer to buying a larger home, but it’s worth talking to APRA about your circumstances.

      You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

      Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that your super fund’s rules allow you to withdraw early on these grounds before applying to APRA.
      I wish you the best of luck.
      Regards
      Trish

      Reply
  12. Richard says:
    March 27, 2011 at 5:09 pm

    Hi Trish,

    For the last 6 months I have been working sub contract for a small company that has come into financial trouble. For the last 2 months my income has dropped dramatically

    I have just picked up another contract with another company but I have to wait one month to be paid for the jobs I am doing now. My financial situation is embarrassing, I have very little money left ($100).

    Can I access part of my Super under hardship even though I’m not on any benefit

    Any help will be much appreciated.

    Richard.

    Reply
  13. gary hirschausen says:
    February 23, 2011 at 1:29 pm

    what does one class as being retired .. going from full time to a part time employee is that classed as retired

    Reply
  14. john ferguson says:
    February 16, 2011 at 2:11 pm

    Hi Trish,
    I have a tenant who is about to be evicted from their rental home. He has a small super benefit can he access that under the severe financial hardship clause 4 b everyday living expenses.

    Reply
    • Trish Power says:
      March 10, 2011 at 4:04 pm

      Hi John
      Thanks for your email and I’m sorry to hear about your tenant.
      I’m not sure of your tenant’s situation but if he is receiving Centrelink benefits he may be able to access super benefits due to severe financial hardship. Rent is considered living expenses. He will need to check with his super fund about the rules, and whether his super fund permits early release.
      The alternative ‘compassionate grounds’ for release cover Australians who may lose their home due to mortgage default but the rules make no mention of a tenant being at risk of eviction. If your tenant doesn’t satisfy the rules for ‘severe financial hardship’ then your tenant might consider contacting APRA to find out if there any scope to access super benefits early for this purpose.
      I will provide a fuller response in the March 2011 newsletter
      Hope everything works out
      Regards
      Trish

      Reply
  15. shane says:
    January 28, 2011 at 2:37 pm

    Hi Trish can i withdraw on my super to start up a small buisness or are there any other grants
    Thankyou

    Reply
  16. Guru says:
    January 17, 2011 at 10:40 am

    Hi, I am an Australian citizen (since 2008) and planning on leaving Australia. Whether this will be permanent or for short time (minimum 2 years), it is not yet clear. I have 2 queries, if i can get help on them. 1) since i wont be employed in Australia and planning to move, Can i cash my super? i read the 12 legal reasons article, but none of the conditions applied to my scenario. 2) If i am not able to cash super and since there wont be any contributions made (as i wont be employed here), what will happen to super?

    Reply
  17. Lorraine Gray says:
    April 25, 2010 at 12:10 am

    l have arthritis in my hands and back – no surgeon will operate nor can they do anything for my hands . I’m 50 years old l haven’t worked since 1998 and am in disability support pension with centrelink can l apply for in super insurance under permanent disability.

    Reply
    • Trish Power says:
      May 3, 2010 at 3:54 pm

      Hi Lorraine
      Thanks for your email, and I’m sorry to read about your difficult situation.

      I encourage you to approach your superannuation fund and confirm the medical evidence that you require to satisfy the definition of permanent disability for access to your super benefits, and for your TPD insurance cover.

      Your super fund should have a copy of the full terms and conditions of your tpd cover (more likely you can check it out on the fund’s website). Note there may be some tax payable on the benefit.
      What usually happens is the application is looked at within the super fund to ensure all information is included, then it is considered by the insurance company. They may require more information, and the trustee board also makes a decision whether to approve or not. The trustee board of a super fund often only sits once a month, so there may be some delays.

      If your claim is declined you can take this up with your super fund, and if you feel they have been unreasonable you can make a complaint. If the complaint is not resolved to your satisfaction you can make a further complaint to the Superannuation Complaints Tribunal.

      I hope this information helps you.
      I wish you all the best.
      Regards
      Trish

      Reply
  18. John says:
    January 29, 2010 at 2:24 am

    I am an australian citizen living in the UK and I have an Aus super fund accummulated from 1986-1992 and the subsequent growth therein.

    Additionally, I continue to hold bank accounts in Aus.

    I am 52 and I intend retiring at age 60. When I do retire can I cash-in the entire super fund as a lump sum and deposit it in to my Aus bank? What would the tax implications be for taking the entire fund as a lump sum

    Or could I turn the fund in to an annuity and receive a regular income; what are the tax implications for that option.

    The entire value of my fund is preserved

    Reply
  19. Kirsty Gardiner says:
    January 12, 2010 at 10:15 pm

    Hi.

    I have been unemployeed for a little of 3 years now and hate seeing fees eat away at my super. I’m only 33, is there anyway I can somwhow cash my super early before it is all eaten away?

    Regards
    Kirsty

    Reply
  20. IAN says:
    December 11, 2009 at 9:49 am

    hi im having heart surgery next year and wanted to use some of my supa because i will be out of work for 2 to 3 months but cannot access it because im not on cenrelink benifits
    i have only been working at my new job for 6 months i will have no income coming in and will be under finacial hardship can you give me any other ideas to acess my fund ,i did read somewhere about tempary incapacity.i am 52 yo

    Reply
  21. Trish Power says:
    November 26, 2009 at 7:45 pm

    Hi Con
    Thanks for your kind feedback. Yes, the comments you make, and the questions that you ask are very popular. The Government has made a policy decision that fund members can only access super benefits for the purposes of mortgage repayments if the bank holding the mortgage over the property is intending to foreclose on the property. You can find out more information on the ‘compassionate grounds’ condition of release by visiting the Australian Prudential Regulation Authority (APRA) website (click on http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm).
    You mention two other conditions of release in your comments:

    * ‘decision to take your benefit as lifetime pension or annuity’. This condition of release is quite specific and many of the older public sector funds pay such benefits to exiting or retiring employees. The condition of release relates to preserved benefits and the pension or annuity must be non-commutable, that is, it cannot be converted into a lump sum. The exact wording of the regulation describing when such a non-commutable life pension can be paid is: “Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member:
    * ‘Cease employment’. The ‘cease employment’ condition of release relates to a special type of benefit known as a non-preserved benefit which can either be ‘restricted’ or ‘unrestricted’. Such a benefit is ‘restricted’ until an individual ceases employment, and then it becomes ‘unrestricted. I explain how an individual can find out whether they have such benefits, and how to access these benefits, in the article ‘Unrestricted access to super, sometimes’ http://www.superguide.com.au/accessing-superannuation/unrestricted-access-to-super-sometimes

    Regards
    Trish

    Reply
  22. Cherri says:
    November 9, 2009 at 8:33 pm

    hi Trish,
    I`m wonering if i can access my super for health reasons. I need weight loss surgery to basicly stay alive and it is very costly but without it I probably wont be able to work again. I am 50 years old. Looking forward to your response
    cheers Cherri

    Reply
  23. Con Lokos says:
    October 30, 2009 at 12:32 pm

    Hi Trish

    excellent article. Common question – I have accumulated a nice sized fund – so how can I get access to it now to finalise my personal home loan? I’m sure this is a question asked over and over again. My view is that I can help my retirement better by NOT having to pay $1,000 per month to a bank for my home loan. The money would be better to go to my personal home loan that I can use again in my retirement.
    Can you please elaborate on the following:
    Decision to take your benefit as lifetime pension or annuity, and
    Cease employment – is this to cease employment for good or does it relate to when you have left your current employer and job hunting?
    thanks
    Con

    Reply
  24. Trish Power says:
    October 30, 2009 at 10:03 am

    Hi GCL
    Thanks for your comment and I’m sorry that you’re having a challenging time finding work.
    I have commented on a similar situation to your own in the comments above. Permanent departure from Australia is not considered a condition of release (although it used to be prior to 1998). Briefly, permanent residents who leave Australia cannot access super benefits under the financial hardship provisions because they are not able to receive Commonwealth income support, although it’s worth checking with your Australian super fund to confirm this view.

    If you are facing financially difficult circumstances, you may be able to apply to the Australian Prudential Regulation Authority (www.apra.gov.au) under compassionate grounds. An example of a compassionate ground is if the bank was to foreclose on a person’s mortgage, or if you need the money to pay for medical or dental expenses for you or your family. You can find information on this scenario by clicking on this link: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

    Note: Your super fund may have special rules in place that state that no fund member can access super benefits under financial harship or compassionate grounds. If this is the case, then you will need to satisfy a different condition of release (outlined in the article above) to access the super benefits

    Best of luck

    Regards

    Trish

    Reply
  25. GCL says:
    October 29, 2009 at 10:39 pm

    Thanks for this very useful info. We too have recently moved overseas and do not intend to return to Australia. Due to the economic crisis, it is however taking us a lot longer than anticipated to find work, so we could really use a portion of our super! So I guess we fall in the permanent departed Australia and hardship category. How and where can we apply for this?

    Reply
  26. Trish Power says:
    October 28, 2009 at 6:45 pm

    Hi
    Many thanks for your query. You can find my answer to your question by clicking on the following link http://www.superguide.com.au/accessing-superannuation/unrestricted-access-to-super-sometimes.
    Thanks again for your interest and support of our website.
    Regards, Trish

    Reply
  27. kb1234 says:
    September 15, 2009 at 6:36 am

    Hi,

    I was an Australian citizen, age 37, and had been a part of a super fund from about 1993/4 I left Australia in 2001.

    I see from your 12 legal reasons to cash your super that I maybe able to access my restricted benefit “Cease employment. If you’ve been a member of a super fund since before 1 July 1999, you can cash your restricted benefit only when you cease employment with your employer”. As I said earlier I left Australia and my employer does this mean I can access my super?

    Also I am in the early stages of changing my citizenship to British what are the super rules governing ex-Australians and their super fund.

    Many thanks

    Reply
  28. Trish Power says:
    August 15, 2009 at 2:37 pm

    Hi David
    Thanks for your comment and I’m sorry for the delay in my response.

    I can provide you with the general rules on accessing super, in particular the rules relating to permanent residents who depart Australia, and temporary residents who depart Australia, but I am not familiar with the specifics of the different types of visas that are available. I couldn’t find your type of visa on the Department of Immigration website.

    In any case, only temporary Australian residents who have visited the country under an eligible temporary resident visa (temporary visa listed under the Migration Act 1958, but not subclasses 405 and 410) can withdraw any super benefits (less tax) when the visa expires and when they leave Australia.

    Permanent residents cannot withdraw super benefits unless they satisfy a condition of release. I explain this in a recently published article http://www.superguide.com.au/2009/08/i%e2%80%99m-leaving-australia-can-i-access-my-super/. I agree that there seems to be an oversight in that permanent residents who depart Australian cannot access super benefits under the financial hardship provisions because they are not able to receive Commonwealth income support.

    Another option available to individuals in financially difficult circumstances is to apply to APRA (www.apra.gov.au) under compassionate grounds. An example of a compassionate ground is if the bank was to foreclose on a person’s mortgage. You can find information on this scenario by clicking on this link: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

    I wish you all the best, and I hope your circumstances improve.
    Regards
    Trish

    Reply
  29. David says:
    June 14, 2009 at 9:29 am

    I was the holder of a subclass 155RRV. I have been trying for a number of months to have my super released as I have departed Australia permanently and my RRV has expired. According to DIMA I am now a Non Resident of Australia. As a consequence I can no longer qualify for the early release of super held preserved in my name under the financial hardship provision. I am currently unemployed and have been so in excess of a year, however as I reside outside Australia and am not in receipt of a commonwealth government supplement, I find myself unable to apply for the early release of said funds on financial hardship grounds.

    Is it legally permissible for the Australian Government to continue to withold my super whilst at the same time deny my right to fair and equal access to this provision, as enjoyed by all superannuation holders residing in Australia, simply because I am no longer a resident of Australia?

    Does anyone have any thoughts on this subject?

    Reply
  30. Jaye says:
    April 29, 2009 at 5:01 pm

    Dear Trish,

    I am a small business owner in the incubus stage. I have just submitted my taxes for the first time in 3 years as the struggle to keep a small business alive has left me working to live. Am looking at a substantial tax payment and am wondering if I can cash my super to pay off this debt.

    What do you think
    J

    Reply
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