Financial hardship
Members in severe financial hardship can apply to Cbus for the early release of all or part of their super. You may qualify for a payment under the ‘severe financial hardship’ rules if:
|
|
Your age |
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|---|---|---|
| A |
under age 55 |
1. You have been on an eligible Commonwealth Government income support payment for a continuous period of 26 weeks; and |
| B | age 55 and 39 weeks or over | 1. You have been on an eligible Commonwealth Government income support payment for a cumulative period of 39 weeks after you turned 55 years of age; and 2. You are not gainfully employed on a full or part-time basis on the date of the application for your benefit. |
Commonwealth Government income support payment means, an income support supplement, service pension, 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 receives the documentation after 21 days from the date of the written evidence, the claim cannot be assessed. In this instance you 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 entire 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 Cbus.
There is no maximum if the member is aged over 55 years and 39 weeks.
Contact Cbus on 1300 361 784 if you require more information.
