The basic intent of superannuation fund is to create a financial resource for your old age. The accrued money will come in handy in your retirement years when you are no longer able to work and earn money.
Therefore, there are stringent government rules and regulations that prevent a person from withdrawing money from this fund before reaching retirement age.
There is a ‘preservation’ age (or locking period) before which you cannot touch the money. For people born before 1st July 1960, the preservation age is fifty five years. This increases progressively according to the date of birth till it reaches sixty years for those born after 1st July 1964.
You will be considered to be going through extreme monetary hardship if you are subsisting on unemployment benefits continuously for at least twenty six weeks. In that case, the trustee of your fund will release a portion of your money for meeting everyday expenses. This disbursement will however be a one-time payment within one 12 month period for a maximum of ten thousand dollar.
If your trustee is satisfied that you have been permanently disabled due to personal accident, injury or illness, you may access your superannuation funds prematurely. You can also access your funds if you are suffering from any terminal illness and need money to pay for medical expenses and specialized care. Early access may also be allowed if you need to modify your home or car due to suit your disability.
Afte retirement you can get your Superannuation Claims as this is your benefit after all those years of hardwork.