Superannuation fund members need to seek financial advice before withdrawing up to $20,000 from their accounts, according to the Financial Planning Association (FPA).
In a statement issued today, the FPA said that while it supported the Government’s hardship early access measure, members needed to follow the strict conditions imposed by the Government.
FPA chief executive, Dante De Gori, said superannuation access should be used as a last resort.
“It is to be used to fund retirement and its primary purpose must be respected, even in these increasingly uncertain times,” he said. “The access is only available for people who are unemployed, have had their working hours/business income reduced by 20% or are on Centrelink payments.”
He said the FPA recommended that any individual who met the requirements consider whether using retirement savings was the best option for them and to consider all alternate options before they do use their super.
“If you have a financial planner you should speak to them first about how to manage your financial situation at this time. If you do not have a financial planner then you should consider contacting an FPA member to assist you,” De Gori said.