Superannuation is your retirement savings fund and generally it can’t be accessed before the standard access ages which are 55, 60 or 65 depending on the terms of your fund.

There are hardship provisions for the early release of superannuation, subject to whether the superannuation fund trust deed allows for early release. Some funds do not allow this, and you may need to rollover your super into a fund that does. There are limited circumstances for the early release of Superannuation funds. The release conditions are in the SIS Regulations and administered by Australian Prudential Regulatory Authority (APRA) www.apra.gov.au and ASIC is responisible for the investment side. You should also refer to the Australian Securities & Investment Commision or FIDO.

Your superannuation fund will be able to give you advice on whether your superannuation scheme allows money to be taken out before 55 years of age, what lump sums or pensions are available because of your age, whether some of it can be used for medical expenses for you or your dependents, or to stop a property foreclosure, to care for a disabled family member or dependent, for palliative care, funeral expenses, permanent departure from Australia or if you become incapacitated.

Grounds for early release of limited superannuation funds include:

• Severe financial hardship and compassionate grounds including receipt of Centrelink payments for six months (26 continuous weeks) and providing proof to your superannuation fund or trustee that you can’t meet reasonable family living expenses.

• Hardship: You must be in receipt of specific income support types at the time of application and ither in receipt of income support for at least 6 months continuously (release capped at $10,000 per 12 months) or if over 55 years old, and on payment for 9 months then full release.

• Compassionate: Serious medical treatment (etc) and foreclosure of mortgage provision. (restricted to amount needed).
  

No more than $10,000 in a lump sum payment will be made during any twelve month period.

If you are aged over 55 years and 39 weeks, not employed and have been receiving Centrelink payments for eight months (39 weeks) you may be eligible for your entire superannuation to be released.
For more information early superannuation release conditions: Australian Taxation Office website

For more information on Superannuation and your legal considerations and entitlements refer to the Legal section

Minister's Discretion

This is for the early release of superannuation in special circumstances. It may be because you are terminally ill but treatment may prolong life and significantly improve quality of life.

You will need documentation from a specialist confirming your condition and then an application to Minister for Superannuation and Corporate Law will be made by your Superannuation Fund.

Your financial planner will be able to advise you what steps to take.