Terminally ill patients to get super access
Australians who have been told they have less than 24 months to live will be able to access their superannuation, under a Government regulatory amendment.
Assistant Treasurer, Josh Frydenberg, announced the Government amendment would take effect from 1 July, and enable terminally ill patients to access their super earlier than under current rules.
In a statement released today, Frydenberg said a number of patient support groups, including Breast Cancer Network Australia, has made petitions to change the regulations.
"Under the current provision for early access to superannuation, a person with a terminal illness is required to obtain a certification from medical specialists [that] they have less than 12 months to live," Frydenberg said.
"This has proven difficult for some people, including women with secondary breast cancer diagnosis.
"Understandably, they want access to their money as they may experience significant financial burden associated with treatment costs or want to make the most of their time with their family.
"While this is a small regulatory amendment, it will make a big difference to the lives of those affected and that is why the Government has decided to act."
AUTHOR
Nicholas O'Donoghue
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
