We get this question quite often: When can I access my super? Generally, access to your super is possible only if:
- You retire and are 60 or older; or
- You turn 65 (regardless of whether you’re still working).
Early access to superannuation is possible only under very limited circumstances such as terminal illness, permanent incapacity, and severe financial hardship, and there are very strict protocols to follow before any funds are paid out.
When you have a Self-Managed Super Fund (SMSF), members have full access to the superfund, and it can sometimes become tempting for members to access these funds during a financial crisis. If you access your superannuation simply due to financial strains without meeting the early access requirements, the transaction becomes illegal.
There are two common ways illegal early access occurs:
- When the trustees (or their business) are in financial distress, and they use the superannuation account for a short-term loan; or
- A promoter offers access through a scheme—often getting people to establish an SMSF and roll over their superannuation into the SMSF.
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The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
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