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  • Illegal early access schemes

    Illegal early access schemes encourage you to withdraw your super before you're legally entitled to.

    Beware of people promoting early access schemes. They might tell you they can help you set up a self-managed super fund (SMSF) to withdraw your super and use it to pay for personal expenses such as:

    • credit card debt
    • buy a house or car
    • go on a holiday.

    If you are approached by someone who tells you to set up an SMSF, check they're a licensed financial adviser. You can do this on the Australian Securities & Investments Commission (ASIC) website MoneysmartExternal Link.

    Warning signs

    Promoters of illegal early access schemes usually:

    • tell you to transfer or rollover your super to an SMSF so you can access it
    • target vulnerable people, including those who are under financial pressure or unaware of super laws
    • claim that you can access your super and put the money towards anything you want
    • charge high fees and commissions
    • request your identity documents.

    How to protect yourself from illegal access schemes

    If someone offers you advice that you can withdraw your super early (other than by legal means):

    • Stop any involvement with the scheme, organisation or the person who approached you.
    • Do not sign any documents.
    • Do not provide them with any of your personal details.
    • Phone us on 13 10 20 and advise us of your situation.

    Find out how we are stopping schemes to illegally access super.

      Last modified: 11 Jan 2023QC 18810