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  • How illegal early release of super schemes work

    These schemes usually involve a promoter offering to help you withdraw your super early.

    Promoters of these schemes usually:

    • encourage you to transfer or rollover your super from your existing super fund to a self-managed super fund (SMSF) to withdraw your super before you are legally entitled to it
    • target people who are under financial pressure or who do not understand the super laws and are not aware of the consequences of involvement in a scheme
    • claim that you can withdraw your super and put the money towards anything you want – which isn't true
    • charge high fees and commissions; which presents the risk of you losing some or all of your super to them
    • may request your identity documents.

    Illegal super schemes may lead to identity theft

    If you participate in a scheme, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.

    If someone steals and misuses your identity, it can take years to fix the problem.

    See also:

      Last modified: 16 Mar 2020QC 18810