Usually, your super is meant to help provide for your retirement. That is why the Government has placed restrictions on when you or your beneficiaries can access it. Your superannuation benefit is generally only paid when you reach your preservation age and retire permanently from the workforce.
But you may be eligible to apply for an early release of all or part of your super to help you out in some circumstances such as:
- Financial hardship – for example, where you are unable to meet your reasonable and immediate family living expenses and meet other criteria, or
- Compassionate grounds – for example, where you need money for unpaid expenses arising from a particular personal situation such as for medical treatment or to avoid losing your home.
Keep in mind, however, that the eligibility criteria for accessing your super under financial hardship or compassionate grounds are Government law and super funds are unable to waive any of the current early release requirements.
More information on the early release of your super, including the eligibility criteria, is available in our Early release of benefit fact sheet which can be found on our forms and fact sheet page.
Other helpful information is available at:
- humanservices.gov.au/individuals/centrelink
- ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super
- qld.gov.au/community
- servicesaustralia.gov.au/south-east-queensland-floods-february-2022
- qld.gov.au/community/disasters-emergencies/disasters
- nsw.gov.au/topics/storms-and-floods-disaster-support-and-recovery
- business.gov.au/news/assistance-for-businesses-affected-by-floods
- salvationarmy.org.au
BUSSQ members affected by natural disasters are encouraged to talk to one of our team by calling 1800 692 877.
