Severe Financial Hardship

Members in severe financial hardship can apply to the Fund for early release of all or part of their superannuation. A member may qualify for a payment under severe financial hardship if:

(a)	under age 55 years	1.	they have been on a Commonwealth Government income support payment for a continuous period of 26 weeks; and
		2.	the member was in receipt of payments of that kind on the date of the written evidence from the Government department or agency administering the payment; and
		3.	they are unable to meet reasonable and immediate family living expenses.
(b)	aged 55 years or over	1.	they have been on a Commonwealth Government income support payment for a cumulative period of 39 weeks after the member turned 55 years of age; and
		2.	the member is not gainfully employed on a full or part-time basis on the date of the application for their benefit.

Commonwealth Government income support payment means:

an income support supplement; or
a service pension; or
a social security benefit; or
a social security pension.

The written evidence of proof of income support payment is only valid for 21 days. If Cbus Administration receives the documentation after 21 days from the date of the written evidence, the claim cannot be assessed. The member must then seek new evidence and re-submit the claim.

Minimums and Maximums

In each 12 month period beginning on the date of the first payment, there are minimums and maximums applicable to severe financial hardship payments.

The minimum payment is $1,000 or the account balance if this is less. The maximum allowable payment if the member is under age 55 years and 39 weeks is $10,000 in a year. This amount is taxable before it leaves the fund.

There is no maximum if the member is aged 55 years and 39 weeks or over.