Page 15 - DRIVE A2B April 2020

NO FEES

for early release

Superannuation

The Australian Institute of “Unfortunately, as we’ve seen “Nor is there a need to panic and
Superannuation Trustees (AIST) is before with any early release super rush through an application. Anyone
aware that unscrupulous operators measure, there are unscrupulous who is considering applying for early
have already begun targeting super operators who take advantage release superannuation under the
fund members and offering to assist of people in financial hardship new financial hardship provisions
them in taking up the new early either through outright fraud in should be aware that the scheme
release super measures announced an attempt to steal their super or does not commence until mid-April.”
last month. by offering unnecessary services
for which a fee is charged,” Ms Ms Scheerlinck suggested that, in the
The new measures – part of the Scheerlinck said. interim, those who were planning
Government’s Coronavirus economic to apply through MyGov for early
support package – allow qualifying “The ATO is managing the new release should firstly ensure their
individuals suffering financial early-release process though its personal details were up to date by
hardship to access up to $10,000 of MyGov website.” visiting their super fund’s website.
their superannuation in 2019-20 and
a further $10,000 in 2020-21. “ There is no need to Any suspicious behaviour relating to
involve a third party superannuation can be reported to
AIST CEO Eva Scheerlinck said Australian Securities & Investments
everybody needed to be on their and there are no fees Commission (ASIC) through its
guard if they receive unsolicited calls involved.” online complaint form.
about their superannuation.

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