Q: Just want to commend you on your website. I have a friend who has separated from her husband some years ago. As part of the deal she got half his super at the time and has $86,000 sitting in the super fund belonging to her. She has been undergoing tremendous financial hardship raising four daughters and has a property . She wants to shift her super fund from the one it is in, access some of her funds to do up a studio which can assist her in paying her mortage (she has been on Centrelink over a year), and I am assisting her to find the best super fund to place her money, firstly so she can access and secondly for the remainder to make money for her.
I’m sorry to read about your friend’s circumstances.
The rules for accessing super early are fairly strict but it is possible if a person is suffering severe financial hardship (has a specific definition) or there are compassionate grounds for release (again fairly specific).
You didn’t mention your friend’s age. If she is age 55 or over, she can also access super benefits as a transition to retirement pension – in this case she can withdraw up to 10% of her benefit each year.
The following SuperGuide articles may assist your friend:
- Accessing super early: 12 legal reasons to cash your super
- Accessing super early: Unemployed and in financial hardship
- Super for beginners, part 10: Can I use my super to reduce my mortgage?
I wish your friend all the best.
