Guide to superannuation for individuals

Accessing your super before retirement

Accessing your super before you retire is only allowed in very limited circumstances, such as:

severe financial hardship
certain compassionate grounds
a terminal medical condition
permanent or temporary incapacity.

If you legitimately need some of your preserved super earlier, ask your super fund about whether you may be able to access it before applying.

Keep in mind that your super fund's deed will determine whether or not your fund's trustee can release your super benefits.

Applications for release of benefits on compassionate grounds must be referred to the Department of Human Services (DHS).

If you've reached your preservation age but aren't yet 65, you may also take your super benefits before you retire, but in the form of any of the following

a transition to retirement income stream
a non-commutable allocated pension or allocated annuity
a non-commutable pension or annuity.

For information about releasing super early under severe financial hardship, on compassionate grounds, permanent or temporary incapacity or due to a terminal medical condition, contact your super fund first.

You can also refer to Conditions of release to access your super before retirement (including natural disasters).

For more information about DHS and early-release applications:

visit their website at www.humanservices.gov.au

phone them on 1300 131 060.

Beware of promoters offering various plans to gain early access to your super savings before you retire. The promoters of these plans will tell you that they can help you access your super savings for reasons such as paying off debts, buying a house or car, or even going on holiday. These schemes are illegal and heavy penalties apply if you participate. For more information, refer to Illegal super schemes - beware of offers to withdraw your super early.

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Last Modified: Tuesday, 29 January 2013