21 November 2018

Consultation on draft proposals for reform of the early release of superannuation rules

Note

Today I’ve publicly released a consultation paper on changes to the rules governing the early release of superannuation benefits on compassionate grounds and financial hardship grounds.

The draft proposals are informed by the findings from the first round of consultation on changes to the early release of superannuation rules.

The consultation paper seeks views on:

  • draft proposals that would relax aspects of the current early release of superannuation regime and provide more scope for individuals to obtain early release of their superannuation;
  • draft proposals to strengthen the integrity of the current arrangements and ensure that superannuation is accessed as a last resort in cases of hardship; and
  • proposed changes to the administration of the rules governing early release on compassionate and severe financial hardship grounds.

Early release of superannuation is an important avenue for people to access their money in exceptional circumstances making it important to get the settings right.

The rules have been substantially the same since 1997 so I encourage everyone to have their say on the draft reform proposals.

The consultation paper is available on the Treasury website. Interested stakeholders are encouraged to lodge a submission by Friday 15 February 2019.