News
18 February 2009 Early release of super
We understand that families who need to rebuild their lives will be looking for sources of financial assistance. Usually, superannuation savings cannot be accessed before you are at least 55 years of age or at preservation age. However, under limited, prescribed circumstances regulated by Federal law, you may be able to access your super earlier. This includes release on:
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Compassionate grounds, OR
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Under `severe financial hardship` provisions.
Early release of super under ‘severe financial hardship’ conditions
As a member of Vision Super, you may be able to access your super under ‘severe financial hardship’ conditions by applying to us. We can consider your request, if you:
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Are under age 55 and 39 weeks, and receive a Commonwealth income support payment (such as Newstart, Disability Support Pension etc) and have been so, continuously, for the last 26 weeks; or
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Are over age 55 and 39 weeks, and receive a Commonwealth income support payment (such as Newstart, Disability Support Pension etc) and have been so, continuously, for the 39 weeks after you turned 55, and were not gainfully employed (full-time or part time) on the date of application;
AND (in either case)
- Provide documentation to support your claim that you are unable to meet reasonable and immediate family living expenses.
In both cases you will need to provide us with a letter from Centrelink or the Department of Veterans’ Affairs confirming that you have been receiving a Commonwealth income support payment. If you satisfy the above conditions, you may receive a one off lump sum payment of between $1,000 and $10,000 from us. You may incur tax on the withdrawal of your benefit, and no other withdrawals of this type will be permitted in the following 12 months. Download Form 60 to apply, or for more information.
Early release of super on compassionate grounds
If you do not satisfy the ‘severe financial hardship’ conditions, you may still be able to access your super by applying under compassionate grounds as set out in the law. To apply for early access to your super on compassionate grounds, you should contact the Australian Prudential Regulatory Authority (APRA). Information is available on the APRA website or by calling 1300 131 060.
You may be able to access your super to cover expenses in respect of:
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medical treatment or transport for the member or his/her dependant where the treatment or transport is necessary to treat a life threatening illness or injury, or to alleviate acute or chronic pain or acute or chronic mental disturbance, and where such treatment or transport is not readily available through the public health system
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to prevent foreclosure of a mortgage, or exercise of a power of sale over the member`s principal place of residence. However, this ground does not include making a payment on a mortgage that is not in arrears (notwithstanding anticipation of future difficulties with repayments), or where this ground does not cover payments on a mortgage for which someone else is liable (e.g. a dependant), or for a second or investment property
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modifications to the family home and/or vehicle to meet the special needs of a disabled member or his/her disabled dependant
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palliative care, in the case of impending death for a member or his/her dependant, or death, funeral, or burial expenses of a member’s dependants, where that person had been reliant on a member either financially, domestically or personally.
- Legislation also allows APRA to assess applications for early release of benefits where the circumstances are consistent with, or in direct relationship to, the grounds specified above.
Contact APRA on 1300 131 060 or go to apra.gov.au and follow the links relating to superannuation for more information.
Need help?
We are here to help you. Call our Member Services team on (03) 9911 3222 (regional members 1300 300 820) for assistance. back to the news list
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