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Information for flood victims

The superannuation industry sympathises with the many flood victims across Australia and will do everything it can to help with enquiries relating to superannuation-linked insurance claims such as total and permanent disability (TPD) or income protection and any enquiries relating to early-release superannuation.

However it should be noted that the rules for early-release of super are very strict and that those in need of immediate financial assistance should first contact Centrelink which is administering Government programs specifically put in place to assist people in disaster zones.

For those with continuing hardship the grounds under which members could qualify for early-release are outlined below.  These rules are set by the Government not by individual super funds and strict eligibility criteria must be met. It is also important to note that early-release superannuation is limited to certain purposes and amounts. 

Grounds for early release of superannuation

Applications for the early release of superannuation benefits can be made on the grounds of severe financial hardship and in a limited number of specified compassionate circumstances.

1) Financial hardship

To be eligible on this ground, an applicant must demonstrate to the fund that:

• they have been in receipt of Commonwealth Government income support payments for a continuous period of 26 weeks; and they are unable to meet reasonable and immediate family living expenses. 
• Centrelink and the fund can provide more information on the severe financial hardship ground of release. Centrelink can be contacted on 13 28 50.

2) Compassionate grounds

The Australian Prudential Regulation Authority (APRA) has the power to approve the early release of superannuation benefits on specified compassionate grounds. These include instances where the applicant faces financial difficulties as a result of:

• their (or their dependant's) medical condition;
• their (or their dependant's) transport for medical attention;
• modifications to a home or vehicle because of a severe disability;
• palliative care, funeral and burial expenses;
• a forced sale of an applicant's principal place of residence by their mortgagee; or
• in circumstances consistent with the above.

Application forms and brochures for the early release of superannuation benefits can be downloaded here

Financial assistance from Government programs

Those in need of immediate financial assistance should contact Centrelink which is administering Government programs specifically put in place to assist people in such circumstances.

-       Individuals can contact Centrelink for more information by calling 180 22 66 or visiting: http://www.centrelink.gov.au/internet/internet.nsf/emergency/severe_weather_dec10.htm.

Two key forms of financial support are being offered to individuals by the Australian Government:

-       Disaster Income Recovery Subsidy - an income support payment to individuals (workers, small business operators and primary producers) who have lost income as a result of flooding or extreme weather.  It is paid at the maximum relevant level of Newstart for a period of 13 weeks.

-       Australian Government Disaster Recovery Payment - a one-off, non means tested payment to provide immediate relief to affected individuals.  It is paid at $1000 per adult and $400 per child.

Centrelink is committed to providing assistance as quickly as possible.  Social workers and psychologists can provide counselling, support and information about services available.

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