How to access your super due to severe financial hardship

How to access your super due
to severe financial hardship
Generally, you can only
access your super when you
permanently retire. However,
there are some circumstances
when you may be allowed early
access to your super, such as
under severe financial hardship.
The conditions you’ll need to meet
To be eligible for release of your superannuation benefit on the grounds of financial
hardship, you’ll need to meet the conditions of either Scenario 1 or Scenario 2 below.
If you cannot meet the conditions under either Scenario, we cannot authorise the
release of your benefit on grounds of financial hardship.
Scenario 1: if you are under 55 years of age
Eligibility
You can apply for a financial hardship benefit under Scenario 1 if you are:
• in receipt of an eligible Commonwealth income support payment1 from either
Centrelink or the Department of Veterans’ Affairs (DVA) (depending on which
body makes your income support payments) at the time of the request, and
you have been receiving this payment for the last (continuous) 26 weeks; and
• unable to meet reasonable and immediate family living expenses.
What are reasonable and immediate family living expenses?
Yes
No
Expenses that may qualify as “reasonable and
immediate family living expenses” include:
Business expenses and fines (traffic, parking
fees etc.) do not usually satisfy the test
of reasonable and immediate family living
expenses.
•
•
•
•
•
•
•
household expenses,
rent and rental bond,
child support and child care,
debts,
car repair bills,
health costs,
veterinary bills and school fees.
Mortgage arrears up to 3 months outstanding
may be considered. You must provide a
letter from your lending institution that
substantiates your claim.
Legal fees are not considered immediate
family expenses and are not acceptable as a
valid debt.
Only overdue and current payments on loans/
credit cards will be considered.
HOSTPLUS is unable to pay out the full
balance owing on loans/credit cards.
1. A Commonwealth Government income support payment is an income support supplement, service pension, social
security benefit or social security pension.
Evidence of income and expenses
If you are applying under Scenario 1, we require evidence of your
income and your spouse’s or partner’s income. This evidence may
include:
• Centrelink/DVA benefit income statements
• are not gainfully employed (part time or full time) at the date of
this application; and
• have been in receipt of a Commonwealth income support
payment for a cumulative period of 39 weeks since reaching
preservation age.
• pay slips
Date of birth
Preservation age
• bank statements
Before 1 July 1960
55 and 39 weeks
• evidence of income from rent, shares and other investments.
1 July 1960 to 30 June 1961
56 and 39 weeks
We also require evidence of debts and expenses to support your
application. For example, this evidence may include:
1 July 1961 to 30 June 1962
57 and 39 weeks
1 July 1962 to 30 June 1963
58 and 39 weeks
• overdue power and water notices
1 July 1963 to 30 June 1964
59 and 39 weeks
• overdue telephone bills
From 1 July 1964
60 and 39 weeks
• rental arrears notice
• overdue credit card notice
• overdue loan repayments.
Other supporting documents
• A letter from Centrelink/DVA stating that you are currently in
receipt of an eligible Commonwealth income support payment,
and have been for a continuous period of at least 26 weeks.
The letter must be dated within 21 days of this application. (See
Centrelink/DVA letter below). Please note that as an alternative
you may wish to give us authorisation to use your Centrelink
Reference Number to check electronically that you have been
receiving income support payments for the required period.
• A Statutory Declaration stating, among other things, that you
are unable to meet reasonable and immediate family expenses
from your income, i.e. the combined expenses of you and your
family exceed the combined income of you and your family.
• Certified proof of identity (see our The simple way to certify
proof of identity factsheet for details of the documents
and certification requirements). This fact sheet is available on
our website at hostplus.com.au or by calling us on
1300 HOSTPLUS (1300 467 875).
• A completed Application for early release of a benefit on
grounds of severe financial hardship form. You can request this
form by calling us on 1300 HOSTPLUS (1300 467 875). The
form also has further information about the application process.
How much of my super benefit can be released?
Supporting documents
• A letter from Centrelink/DVA stating that you have been
receiving Commonwealth income support payments for
a cumulative period of 39 weeks since reaching your
preservation age. As an alternative, you may authorise us to
use your Centrelink Reference Number to check electronically
that you have been receiving income support payments for the
required period.
• A Statutory Declaration stating, among other things, that
you have reached preservation age, plus 39 weeks, are
not gainfully employed on the date of this application, and
have been in receipt of a Commonwealth income support
payment for a cumulative period of 39 weeks since reaching
preservation age.
• Certified proof of identity (see our The simple way to certify
proof of identity factsheet for details of the documents and
certification requirements). This fact sheet is available on our
website at hostplus.com.au or by calling us on
1300 HOSTPLUS (1300 467 875).
• A completed Application for early release of a benefit on
grounds of severe financial hardship form. You can request this
form by calling us on 1300 HOSTPLUS (1300 467 875). The
form has further information about the application process.
How much of my super benefit can be released?
If you meet the Scenario 2 criteria, your total super account can
be paid to you and there are no cashing restrictions.
If you meet the specified criteria, you may be entitled to one
single lump sum payment in any 12 month period. The
minimum payment is $1,000 (unless your balance is less than this
amount) and the maximum payment is $10,000 (before tax).
Where to send your completed paperwork
Scenario 2: if you are aged 55 years or above
HOSTPLUS, Locked Bag 3, Carlton South VIC 3053
Eligibility
You can apply for a financial hardship benefit under Scenario 2 if you:
• have reached your preservation age plus 39 weeks
(see table); and
Your completed application form, your original Centrelink letter
(dated within the last 21 days) and supporting documentary
evidence should be sent to:
On receipt of your paperwork, we will assess your eligibility for
payment. If payment of your benefit is approved, the payment will
be made in your name, and forwarded in accordance with your
payment instructions.
Your super is your money
This fact sheet from HOSTPLUS is designed to help you understand and make more of your super. For other fact sheets or if you have
any questions, please call 1300 HOSTPLUS (1300 467 875), 8am – 8pm, Monday to Friday or visit hostplus.com.au
The information in this document is general in nature and does not consider any of your objectives, financial situation or needs. Before acting on this information, you should consider obtaining advice from a
licensed financial adviser and consider the appropriateness of this information, having regard to your particular investment needs, objectives and financial situation. You should obtain a copy of the HOSTPLUS
Product Disclosure Statement (PDS) available at www.hostplus.com.au and consider the information contained in the PDS before making any decision about whether to acquire an interest in HOSTPLUS.
Host-Plus Pty Limited ABN 79 008 634 704, AFSL No. 244392, RSEL No. L0000093, MySuper No. 68657495890198, HOSTPLUS Superannuation Fund ABN 68 657 495 890, RSE No. R1000054. INH_786_07/14