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Hardship claims

You can apply for access to all or part of your preserved benefit at any age on the grounds of severe financial hardship if you:

  • have been receiving prescribed Australian Government income support payments continuously for 26 weeks, and
  • are unable to meet reasonable and immediate family living expenses.

You can also apply for early release on hardship grounds if you:

  • have reached age 55, and
  • have been receiving prescribed Australian Government income support for at least 39 weeks, and
  • are not employed on a full-time or part-time basis.

The maximum amount you can apply for in either case is $10,000 in any 12-month period. Note that if your claim to release part of your preserved benefit on hardship grounds is approved, you will not be able to convert any of your remaining preserved benefit to pension when it becomes payable.

Compassionate release

You can apply to the Australian Prudential Regulation Authority (APRA) to approve the release of all or part of your preserved benefit at any age on certain other specified grounds including:

  • payment of substantial medical expenses
  • making renovations to your home required due to severe disability
  • making payments on a loan to prevent the loss of your home.

You can direct any enquiries regarding compassionate release of preserved benefits to the APRA Contact Centre on 1300 131 060. The application form is available on the APRA website at www.apra.gov.au, or can be requested by telephoning APRA as above.

The amount payable is the lesser of the amount approved by APRA or your preserved benefit. Note that if your claim to release part of your preserved benefit on hardship grounds is approved, you will not be able to convert any of your remaining preserved benefit to pension