SMSF Association submission on review of the early release of superannuation benefits

The Self Managed Super Fund Association (SMSFA) welcomes the opportunity to make a submission on Treasury’s review of the early release of superannuation benefits.

The SMSFA is supportive of reforms that ultimately ensure that money released early from superannuation is for genuine claims only. We have focused our solution on ensuring that the financial capacity aspect of the legislation is tighter and applied correctly rather than including safeguards or limits on specific releases. We believe superannuation can be used to improve an individual’s life for serious conditions when they cannot source this money from other savings and assets. A principles-based approach will ensure that the superannuation system has appropriate policy settings to ensure that retirement savings are used in line with the system’s objectives while also providing flexibility for the system to change and adapt to a changing workforce and concept of retirement.