A popular article on the SuperGuide website, particularly for our overseas readers, is 12 legal ways to access your super.
I have received many questions from readers, some in serious financial situations or suffering illness who are seeking more information on how to access Australian super benefits early. Other readers seeking early access to super benefits have left Australia permanently, or have even left Australia temporarily.
The most surprising aspect to the range of questions that I have received from readers on this topic is the international reach of our super system and the mobility of the Australian and international workforces – readers from 146 countries visit the SuperGuide website.
Due to the number of questions that I receive on the issue of early access to super, it is not possible to publish every question but I have selected 8 categories that represent what I believe to be some of the most popular questions on accessing super early.
If you are seeking background information on how to access your super benefits then I suggest you start with the ’12 legal ways…’ article and then return to this page where I answer 14 questions on accessing super early covering the following topics (click on each link to access the questions and answers).
- Unemployment, financial hardship
- Not for business or tax debts
- Permanent departure from Australia (6 questions)
- Temporary residents can access super
- Living overseas and over the age of 55
- Australian citizen retiring overseas
- Terminal illness
- Serious illness and surgery (2 questions)
Note: The Q and As listed in this article are merely a guide to assist you with the general rules concerning early access of super benefits. You will need to confirm your personal circumstances with your super fund and where applicable, the Australian Prudential Regulation Authority (APRA), or the ATO, or Centrelink or your doctor.
Tip: APRA has produced a very handy summary document explaining the rules relating to early release. You can access the document ‘Early Release of superannuation’ here.
Hi there, I really like your website, it is very helpful. I have a question that I cannot find the answer for, maybe you can help.
If I am 50, and I have a very strong super fund (5 to 10 million AUD), can I go to the bank and borrow money using to support early retirement, using the security of the super cash flows?? Are there laws to prevent the bank from using my super fund as a legitimate security? This is an important question as it may provide another way to access your super early.
Many thanks in advance for your advice.
Rgds
NIck
Hi Nick
Many thanks for your email and for your very nice feedback.
We are an information site rather than advisory site but I can say that superannuation accounts cannot be used as security for bank loans or for other purposes. There is one or two exceptions related to limited recourse borrowing (where the specific superannuation asset subject to the borrowing arrangement is part of the security arrangement).
I will provide a fuller response in our March 2011 newsletter.
Regards
Trish