Early access to superannuation: Understanding your options

Your super is all about setting money aside for when you retire. It's a nest egg of funds that hopefully should grow over your working life and support you for later on.

Usually, you can't touch this money until you retire. However, sometimes things don't go to plan, and you might need to access some of your super sooner. There are specific scenarios and rules around when you may get early access to your super – typically when you are facing severe financial hardship or on compassionate grounds.

Let’s explore some choices for accessing super early if you ever find yourself or a loved one in a tough spot.

Am I eligible for early super access under severe financial hardship?

To apply for early release of super due to severe financial hardship you must meet the following criteria:

• you’ve been receiving Commonwealth income support payments for 26 continuous weeks and
•  you’re unable to meet reasonable and immediate family and living expenses

Or

• you're aged over 60 and 39 weeks and
• you’ve been receiving Commonwealth income support payments for a cumulative period of 39 weeks since reaching 60 and
• you’re not gainfully employed when you apply (that is, you’re unemployed or employed less than 10 hours a week)

Note: These criteria are set out in law and must be followed by Australian super funds

If you’re unsure how long you’ve been receiving Commonwealth income support payments (e.g. Centrelink or Social Security), you can view your payment summary on the myGov portal.

How do I apply to access my super early due to severe financial hardship?

Have your Centrelink Customer Reference Number (CRN) handy when you contact us so that we can confirm you meet the eligibility criteria.

1. Once confirmed, we’ll send you a form (via email or post) to complete.
2. When we receive your completed form, we’ll make your payment to your bank account within 5 business days – you’ll also need to allow another 2-3 days for your bank to process the payment.

Compassionate grounds: When can you withdraw super early?

You may be able to withdraw some of your super early on compassionate grounds if you need to pay for:

• medical costs – for treatment or travel to treatment for you, your partner, child or other dependant
• mortgage – to stop the bank from selling your home
• disability – to modify your home or car to accommodate the special needs of you or your dependant which arise from a severe disability
• palliative care – for you or a dependant
• funeral – to pay for expenses for a dependant.

Am I eligible for early super access on compassionate grounds?

Visit the Australian Taxation Office (ATO) website here for eligibility criteria for applying to access some of your super on compassionate grounds.

Additional circumstances for early super access

There are additional circumstances where you may be able to access super funds early outside of severe financial hardship or compassionate reasons.

Permanent incapacity or terminal illness

In general, you can access your super early if you’re:

• Permanently incapacitated – unlikely to engage in gainful employment for which you’re reasonably qualified (by education, training or experience) because of physical or mental ill health. You may also be eligible to access your super if you meet the criteria but are engaging in light duties in a different position or casual work in a different field. Learn more here.

• Diagnosed with a terminal illness – Rest will require proof of your condition from two separate medical practitioners that you suffer from an illness or injury that is likely to result in your death within 24 months of the date of the certification. In the case of terminal illness, one of the practitoners must be a specialist in the particular field related to the illness or injury suffered by you. Please note the 24 month certification period from the date of the certifications has not ended.

If you have Death or Total Permanent Disability (TPD) insurance as part of your Rest account, you may be able to make a claim. Learn more here.

Departing Australian Superannuation Payment (DASP)

If you came to Australia on an eligible temporary resident visa (excluding subclasses 405 and 410), worked here, and earned super in that time, you may be able to take some of these funds with you. You may only apply for DASP after you have left Australia, and your visa has expired. Strict eligibility criteria and some temporary visa exclusions may apply. Learn more about the DASP here.

First Home Super Saver Scheme (FHSSS)

To assist in purchasing your first home, you may be eligible to withdraw some voluntary super contributions. The scheme may assist would-be homebuyers bolster their deposit savings and may potentially offer tax benefits. However, strict eligibility, rules, withdrawal limits and timeframes apply. Learn more about the First Home Super Saver Scheme here.

Other circumstances for early super access

Other conditions in which you can apply to access super early may include:

• low super balance – if your super balance is under $200 and you've left your employment, or if you have found a 'lost super' account with less than $200. For Rest members, to withdraw this money, you’ll need to log into MemberAccess and select ‘Your Account’, then ‘Benefit quote’, and complete the online benefit payment form.
  
  
• ‘Unrestricted non-preserved’ classified super – if you have ‘unrestricted non-preserved’ super (for example, benefits for which you previously met a condition of release and kept the money in your super fund). To find out whether you have this, check your most recent annual statement or Rest members can log into MemberAccess and select ‘Your Account’, then ‘Benefit quote’. To withdraw this money, you’ll need to complete the online benefit payment form within the same section of MemberAccess.
  
  
• New Zealand citizen (may transfer funds to a KiwiSaver scheme)

For more information on these and other conditions, please read our factsheet on accessing your super early.