AUSTRALIA - The Australian Institute of Superannuation Trustees (AIST) said super fund members affected by flooding across Australia may be able to seek early access to some of their superannuation.
AIST CEO Fiona Reynolds said the early-release superannuation is limited to certain purposes and financial amounts, but for those with continuing hardship - there were grounds under which members could qualify for early-release including severe financial hardship and compassionate grounds.
"The superannuation industry sympathises with the many flood victims across Australia and wishes to ensure that those affected, particularly those who are not insured, understand the avenues available to them for financial assistance," said Reynolds.
Many funds have already begun to prioritise assistance to flood victims including those needing help with superannuation-linked insurance claims such as total and permanent disability (TPD) or income protection, she said.
Reynolds added while applications for early-super release payments on prescribed "compassionate grounds" were separately administered by the Australian Prudential Regulatory Authority (APRA), members should contact their super fund in the first instance.
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