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    Default Can you withdraw money from your super fund

    Does anybody know anything about withdrawing money from superfunds is it possible

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    bambino is offline Autistic Today, My Genius Tomorrow
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    I think it depends on your super fund itself.

    I know mine has an "unreserved" section and I am able to withdraw from that section, which is just some extra money I paid into it myself.
    The rest of the money in "reserved" I can not touch.

    Perhaps check your fund statement to see if there is anything like that somewhere on it.

    Otherwise, I think they may charge you a fee for withdrawing it early.

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    Quote Originally Posted by NewMe View Post
    yes it is possible, but only under certain circumstances.

    You can apply for release of funds under financial hardship, but you need to be receiving income support payments from centrelink for at least 6 months before hand or you can withdraw to help pay for medical costs, medical equipment or funeral costs of yourself or an immediate family member. Check out the APRA website(www.apra.gov.au) for more specific details or contact your superannuation company. If you qualify the criteria and get approval then there are also limits which apply(I think $10,000 lump sum).
    Just to add to this.
    You can also withdraw funds in extreme Financial Hardship to pay your Mortgage if it has fallen into arrears. You do not need to be on benefits to do this.

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    Quote Originally Posted by NewMe View Post
    Hmmm, I was never told that one, I'll know to mention it next time if anyone asks
    Yep I didn't know about it either until My Sis and her partner went through it.

    They were behind by a few months though.
    It was their Bank Manager who gave them the info.
    Lucky for them 'cause it saved their house.

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    Thanks for the info ladies we own our home but we didnt want to use the money for that we wanted to pay of some debts thanks for the website newme ill get my dp to look into it

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    Quote Originally Posted by Jakois View Post
    Just to add to this.
    You can also withdraw funds in extreme Financial Hardship to pay your Mortgage if it has fallen into arrears. You do not need to be on benefits to do this.

    Yes this is definately the case - I was reading about it or watching some finance program and they were detailing cases in which you would be able to access your super.

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    If you have other assets (such as owning your home) I would be very surprised if APRA would allow you to access your super. Early release is really only for the financially desperate or very ill.

    The only alternative as bambino mentioned, would be if you have an element of unrestricted non-preserved funds in your superannuation account. This is quite rare these days. Your super fund will be able to advise you if any of your benefits are non-preserved.

    The rules for the release of super are not dependent on your super fund but dictated by APRA/Government. If a fund were to release funds without you meeting a condition of release the whole fund would lose its concessional tax status and basically go out of business. So lobbying your super fund to release preserved funds won't work - you need to get an instruction from APRA or meet another condition of release (age 55 not working etc). I hope this helps.

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    APRA gave us the okay to have our super realeased early two years ago, but our Super wouldnt allow it.

    Then legislation apparently changed a year ago, we have put another claim in, but because the bank keeps sending us the incorrect forms, its has so far taken 5 months, and still no definate answer.

    APRA's turn around is currently 28 working days, or i think 48 hours if the bank gives you a letter stating they will take ownership of your property within a certain timeframe.

    It is really annoying, because I am 26 years old, I have well over 70k in my super, and i just think that with the amount of money I am wanting to get my family back on track is quite small in comparison, and I would make it back in a year.

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    [quote=Phezza;3534828]APRA gave us the okay to have our super realeased early two

    I work for a fund, happy to take PM if you want to know how to access.....

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    [quote=pegasaurus;3534842]
    Quote Originally Posted by Phezza View Post
    APRA gave us the okay to have our super realeased early two

    I work for a fund, happy to take PM if you want to know how to access.....
    Thanks Pegasaurus, Ive been told i can now withdraw from my super, but they have told me it is easier to obtain if I go through APRA first, especially for Mortgage hardship. Its just a waiting game at the moment


 

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