Benefit Payment Standards

The other major conditions of release that may enable a person to access superannuation savings after an event has occurred include:

• Death;
• Terminal medical condition;
• Permanent incapacity;
• Termination of gainful employment with the employer-sponsor of the fund (and where the account balance is under $200);
• Severe financial hardship;
• Compassionate grounds;
• Temporary incapacity;
• Permanent departure from Australia by certain temporary residents;
• Lost member benefits under $200; and
• The First Home Super Saver Scheme (FHSSS).

Many of these conditions of release have strict conditions that must be met for payment to be made. There are taxation implications where a super payment is made to a member under the age of 60.