Early access to your super

Super is your retirement nest egg, so most people can generally only access their super once they reach a certain age and have retired or are planning to retire. However, there may be circumstances that will allow you to access your super earlier such as:

• Severe financial hardship
• Compassionate grounds
• Temporary resident leaving Australia
• First Home Super Saver scheme
• Terminal illness
• Permanent incapacity
• Temporary incapacity

Severe financial hardship

If you’re suffering from severe financial hardship, you may be able to access some of your super early.

You may be eligible to withdraw some of your super if:

• You have received eligible government income support payments continuously for 26 weeks; and
• You are not able to meet reasonable and immediate family living expenses.

If eligible, you can apply for a minimum of $1,000 and up to a maximum of $10,000 to be released once in any 12-month period. Severe financial hardship payments are taxed as a super lump sum.

The Services Australia website outlines the eligibility criteria for applying to access your super due to severe financial hardship.

Compassionate grounds

You may be able to withdraw some of your super on compassionate grounds. This is paid in very limited circumstances where you have no other means of paying for certain types of expenses.

The types of expenses for you and your dependants include:

• Medical treatment and transport –To treat a life-threatening illness or injury, including acute or chronic pain, or mental illness.
• Home or vehicle modifications – To accommodate severe disability (includes purchasing a modified vehicle).
• Palliative care or funeral expenses – To pay for expenses associated with terminal illness, death, funeral or burial.
• Purchasing disability aids – To cater for severe disability.
• Preventing forced sale of home – To pay your mortgage or council rates (that are in arrears) on your principal place of residence.

The ATO website outlines the eligibility criteria for applying to access your super on compassionate grounds.

Temporary resident leaving Australia

If you’re a temporary resident who has worked and earned super, and you leave Australia permanently you may be eligible for a Departing Australia Superannuation Payment (DASP). To claim your super, you’ll need to complete the Departing Australia Superannuation Payment (DASP) application and send the form to us. Withholding taxes will apply to the DASP.

If you do not make a claim within six months of departing Australia and your visa has expired or was cancelled, we are required to transfer your super to the Australian Taxation Office (ATO) as unclaimed super. Once your account has been transferred you will need to contact the ATO directly to claim it. For more information, please visit DASP (ato.gov.au).

First Home Super Savers (FHSS) scheme

If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made (plus earnings) to put towards a home deposit. The FHSS scheme is an Australian government initiative that provides you the opportunity to withdraw up to $15,000 in any one financial year up to a maximum of $50,000 per person ($100,000 combined for a couple), and then use this amount (plus earnings, less tax) to buy your first home.

For further information about the First Home Super Saver (FHSS) scheme please refer to our FHSS flyer and the ATO website.

Terminal illness

If you become terminally ill and have been certified by two registered medical practitioners that you suffer from an illness or injury that is likely to result in your death within 24 months, you may be able to access your super early. At least one of these medical practitioners must specialise in a field related to your illness or injury. Funds released as lump-sum under this condition are tax-free.

If you have Death insurance cover through your super, you may be eligible to receive your benefit early.  For more information on our insurance claims process, please refer to our Insurance Claims Guide.

Permanent incapacity

If it has been determined that you are unlikely to engage in gainful employment for which you are reasonably qualified for by education, training, or experience due to ill-health (physical or mental) you may be able to access your super early (tax may apply).

If you have Total and Permanent Disablement (TPD) insurance cover through your super, you may also be eligible to receive your insurance benefit as a lump sum payment. For more information on our insurance claims process, please refer to our Insurance Claims Guide.

Temporary incapacity

If you are temporarily unable to work or can only work at a reduced capacity due to a physical or mental medical condition, you may be able to receive Income Protection payments.

You must have Income Protection insurance cover through your super to be eligible for these payments.  For more information on our insurance claims process, please refer to our Insurance Claims Guide.