What Circumstances Can You Claim Your Superannuation Funds Prematurely?
Superannuation fund is a type of retirement benefit account where money from your regular wages is accumulated as long as you are in employment. Your employer too makes regular contributions to this fund.
Superannuation funds (also known as pension funds) are usually administered by an independent regulatory authority. Considering the fact that superannuation funds are meant for use post retirement, superannuation claims for withdrawal of money are not entertained till the beneficiary reaches a certain age.
Superannuation Arrangements in Australia
Retirement funds or superannuation funds in Australia are actively promoted, supported and encouraged by the government.
As an employee, your superannuation fund starts rolling when you start working and your employer begins his/her contribution to your fund. You too can boost the kitty further by making your own contributions. You can even arrange for a salary sacrifice bargain in order to invest more money in your superannuation fund.
As for employers, the current rate of compulsory contribution to superannuation funds is nine percent. This is set to increase steadily through the years till it reaches twelve percent by 2020.
Money accruing in your superannuation account is invested in managed funds, real estates, shares and similar other investment options.
How to access your superannuation funds early
Although the rules clearly stipulate that pension funds cannot be accessed prematurely, there are certain conditions when exceptions are made. You can make successful superannuation claims if you meet certain criteria laid down by the government under Schedule I of the Superannuation Industry (Supervision) Regulations Act of 1994.
Early superannuation claims can also be made if you are a non-resident Australian who is leaving the country permanently. Non-residents are those who have been staying and working in this country on a temporary residential visa.