APRA warns on early super access
APRA has warned superannuation fund members not to deal with those offering advice on accessing their preserved super benefits before retirement. Preserved super benefits can only be withdrawn at retirement at 55 years of age or later. The law permits the early release of super benefits but in very limited circumstances which include financial hardship or specified compassionate grounds such as meeting medical costs. APRA said it is getting more inquiries about early release schemes and is aware of recent advertisements for services assisting fund members to get early access. Promoters of these services generally charge substantial fees – usually a percentage of the members' benefits.