Beware of schemes offering early (and illegal) access to your super 

The Australian Securities & Investments Commission (ASIC) has issued a warning about super schemes that promise early access to your super. Accessing your super early is illegal and schemes offering this service should be avoided.

Participating in these schemes may expose you to penalties and potential legal and tax consequences. ASIC has also reported cases of people being defrauded of some or all of their super savings.

ASIC’s warning follows the recent discovery of a number of illegal schemes encouraging people to access their super before they reach their preservation age or qualify under another condition of release, using self-managed super funds or through a fee-based service.

The law requires that superannuation funds be maintained for the sole purpose of providing retirement and similar benefits for the member or their dependents. The Government has determined the preservation age, which is the minimum age you must reach before your super benefits can be paid out (unless you qualify for payment on other grounds, such as Total and Permanent Disablement). Click here for more information. 

Report any illegal offers

If you are approached with an offer to access your super before your preservation age, you should report this to ASIC on 1300 300 630 or the ATO on 13 10 20.

Click here for more information about illegal early access schemes (clicking this link will take you to an external website).