Generally, a person’s super is preserved until they reach their preservation age and retire (or reach age 65). However, sometimes people need earlier access to their super out of financial necessity. In these circumstances, there are two potential options; release under severe financial hardship or compassionate grounds.
If the client is permanently incapacitated, terminally ill, or temporarily incapacitated, other conditions of release may be available. Furthermore, in the unlikely event that the client has unrestricted non-preserved benefits, this amount can be accessed immediately.
In this Technical Journal, we revisit the conditions for accessing super on severe financial hardship and compassionate grounds.
