Your superannuation can only be accessed early under very limited circumstances, so it’s important to know the rules, otherwise your retirement savings could be at risk.
Accessing your super early is illegal when you don’t meet a ‘condition of release’. If you do, you could be hit with huge penalties.
You also need to be aware of people who offer to help you access your super early. These people, also known as ‘promoters’, have targeted workers in the meat industry. They may tell you they can set up a self-managed super fund (SMSF) in your name so you can access your super to buy a house or go on a holiday.
This is illegal.
Promoters will often charge you a lot of money and may attempt to obtain your personal identity information to steal your super for themselves.
If you are approached by a promoter, report it to the Australian Taxation Office (ATO) as soon as possible. The ATO has released a helpful factsheet to educate you on the dangers of illegally accessing super.