Warnings over early super access
The Australian Securities and Investments Commission has warned promoters, and the media, about schemes offering people illegal access to their superannuation. Some promoters charge fees to help people in financial distress access their super before they turn 55. However, early access is only allowed in cases of severe financial hardship or on limited compassionate grounds. ASIC has been warning members of funds since February not to be tempted by early access to super so that it can be used to pay out debts, meet living expenses or buy a home.