Withdrawing super early?

[Bumble]

Has anyoe tried or been succesful in withdrawing there super early? i am thinnking of having a go because i need to get a few grand worth of work done to my teeth and there is no way i am going to be able to afford that !

[Ally Jane]

my understanding of it is it very hard to access,i heard you need to be on benefits for around 16 weeks before they will look at your case for financial hardship....thats just my understanding of it

[SilverStarfish]

Basically the answer is no. Or "they make it so hard that you almost give up" You have to be able to prove severe financial hardship etc. Unless your dental work is to benefit your health I doubt they'll let you.

My parents were allowed to access part of my Dad's to purchase a CPAP machine after he was diagnosed with sleep apnoea and it was directly related to his health and ability to do his job (he's a truckie) but even then I know it wasn't a simple process.

Good luck though :thumbsup:

[nut]

LOL!
Thought this was a contraception question:laughing: :laughing: :laughing: :laughing: .

As you were...

[BubbaNoogie]

LOL!
Thought this was a contraception question :laughing: :laughing: .

As you were...
So did I at first:o :laughing:

[Bumble]

LOL!
Thought this was a contraception question:laughing: :laughing: :laughing: :laughing: .

As you were...

sorry to disapoint

[MyFab4]

my BIL recently used some of his super to get stomach banding, i think it cost around 10000. I don't think he had much trouble getting it, he's 30 and it was used to benefit his health.

[Bumble]

I thought teeth was health?
Its not cosmetic im in agony:o

[mum2my4]

My husband did this but they only gave it to him because he was leaving the country. I have heard it is very hard and you must be in real hardship to get it.

[MrsMiggins]

I have worked in the superannuation industry for several years.

To be eligible for early release, you need to meet one of several categories. The only one that may possibly apply to you in your situation would be under Specified Compassionate Grounds. One of the categories under this stipulates that you may be granted an early release for:


medical treatment for the member or his/her dependant where the treatment is necessary to treat a life threatening illness or injury, or to alleviate acute or chronic pain or acute or chronic mental disturbance, and where such treatment is not readily available through the public health system;


You would need to apply through the Australian Prudential Regulation Authority (APRA (http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm)) and they would need to approve your claim before your super fund would even look at it. You need to be able to prove to APRA that the dental work is necessary and urgent (you will need a letter from your Dr or dentist, which will need to include the cost of your treatment) and that you are unable to meet the expense by any other means. If APRA do approve your claim, they will send you a letter advising that they have approved a certain amount (they will only approve the exact amount advised in the letter from your Dr or dentist) which you will need to send to your super fund along with their claim forms.

The link I've given above is for APRA's website (the section specifically for the early release of super). You will be able to find more info & forms there.

All the Best.