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Generally all superannuation benefits must be preserved within the superannuation system until you reach your preservation age and retire from the workforce. You can access your preserved benefits once you satisfy a condition of release.
You may also apply for the early release of preserved and restricted non-preserved benefits on the grounds of severe financial hardship and compassionate grounds.
For more information about accessing benefits through early release, you should contact RBF directly by phoning 1800 622 631 to speak to a Superannuation Consultant about your personal situation.
| Condition |
Age of member |
Rule |
|
Severe financial hardship
|
Less than preservation age
|
The member:
- is unable to meet reasonable and immediate family living expenses
- has received relevant Commonwealth income support payments continuously for at least 26 weeks
- may receive a minimum lump sum of $1,000 and a maximum lump sum of $10,000
- is limited to 1 payment per member in any 12 month period
|
|
Severe financial hardship
|
Preservation age plus 39 weeks
|
The member:
- is unable to meet reasonable and immediate family living expenses
- is not gainfully employed at the date of the benefit application
- has received relevant Commonwealth income support payments cumulatively for 39 weeks after reaching preservation age
- may have total benefits converted to unrestricted non-preserved
|
|
Compassionate grounds
|
All
|
The grounds for release are as follows:
- To pay for medical treatment of a member or dependant certified by 2 medical practitioners to be necessary due to a life threatening condition, to alleviate acute or chronic pain, or to alleviate acute or chronic mental disturbance, and the treatment is not readily available through the public health system
- To pay for medical transport for the above medical treatment
- To enable the member to make a payment on a loan to prevent foreclosure on, or mortgagee sale, of the member's principal place of residence
- To modify the member's principal place of residence or vehicle to the meet the special needs of a severely disabled member or dependant
- To pay for the palliative care of a member or dependant
- To pay expenses associated with the death, funeral or burial of a dependant
- To pay other expenses consistent with the above
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