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Accounting News

Change to Early Access Rules

 

The federal government’s intends to ease the rules around early access to retirement savings as a result of terminal illness.

From 1 July 2015, individuals with two medical certificates confirming they had been diagnosed with less than two years to live can seek to access their superannuation benefits.

The current requirement is less than one year left to live.

The 12 month restriction is arbitrary and may prevent individuals with a terminal illness from readily accessing their superannuation when they need it.