Natural disasters and your super

12 April 2021

Image of a flooded road

In times of great need, you might be surprised to learn that superannuation funds can offer you assistance.

Usually, your super is meant to help provide for your retirement. That is why the Government has placed restrictions on when you or your beneficiaries can access it. Your superannuation benefit is generally only paid when you reach your preservation age and retire permanently from the workforce.

But you may be eligible to apply for an early release of all or part of your super to help you out in some circumstances such as:

  • Financial hardship – for example, where you are unable to meet your reasonable and immediate family living expenses and meet other criteria, or
  • Compassionate grounds – for example, where you need money for unpaid expenses arising from a particular personal situation such as for medical treatment or to avoid losing your home.

Keep in mind, however, that the conditions for accessing your super under financial hardship or compassionate grounds are Government law and super funds are unable to waive any of the current early release requirements.

More information on the early release of your super, including the eligibility requirements, is available in our Early release of benefit fact sheet.

Other helpful information is available at:

BUSSQ members affected by natural disasters are encouraged to talk to one of our Member Representatives by calling 1800 692 877. 

 

This information is general advice only and does not take into account or consider your personal objectives, financial situation or needs. Before acting, you should review the relevant Product Disclosure Statement to ensure you have all the information about the BUSSQ product and how it works and consider the appropriateness of the information to your needs or seek independent advice from a properly qualified professional. Prepared by BUSS (Queensland) Pty Ltd (ABN 15 065 081 281, AFSL 237860) as Trustee for BUSSQ (BUSSQ Fund, ABN 85 571 332 201).

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