Various plans offer access to your superannuation (super) savings before you retire. The promoters of these plans will tell you that they can help you access your super savings for reasons such as paying off debts, buying a house or car, or even going on holiday.
These schemes are illegal and heavy penalties apply if you decide to participate in these schemes.
Accessing your super
Except in some very specific circumstances, you cannot access your super savings until you reach retirement age.
The specific circumstance in which you can access your super savings early are very limited and tightly restricted – these are mainly related to specific medical conditions or when you are experiencing severe financial hardship.
For more information, see When can I access my super?
Originally posted here: http://www.ato.gov.au/distributor.asp?doc=/content/Content/30476.htm
