Have you ever been offered help to withdraw your superannuation early? Generally, you cannot access your super until you retire.
Some people promoting illegal super schemes will tell you that they can help you access your super now to pay off credit card debt, buy a house or car, or go on holiday.
These schemes are illegal. They will cost you a lot more than the super you access and may get you into a lot of trouble.
How illegal super schemes operate
Illegal super schemes usually involve someone offering to help you access your super early.
Promoters of illegal super schemes usually:
Illegal super schemes often target people who are under financial pressure or who do not understand the super laws.
Taking your super out from any super fund early without meeting what is called a ‘condition of release’, or encouraging others to do so, is illegal.
Illegal super schemes may lead to identity theft
If you participate in one of these schemes, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.
Once your identity has been stolen and misused, it can take years to fix.
Rollovers to an SMSF
Most illegal super schemes require you to transfer your super from your super fund into an SMSF. This can be called a ‘rollover’.
Printed copies of this information are available from ato.gov.au/publications (/publications)
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