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Beware of early super access scams: AIST
The Australian Institute of Superannuation Trustees (AIST) has warned that members looking to access their super for financial hardship due to issues stemming from COVID-19 need to use the MyGov website as unscrupulous operators have started targeting members.
AIST said these operators had started offering assistance in taking up the early release measure the Government announced last Sunday.
AIST chief executive, Eva Scheerlinck, said: “Unfortunately, as we’ve seen before with any early release super measure, there are unscrupulous operators who take advantage of people in financial hardship either through outright fraud in an attempt to steal their super or by offering unnecessary services for which a fee is charged.
“The Australian Taxation Office [ATO] is managing the new early-release process through its MyGov website. There is no need to involve a third party and there are no fees involved.
“Nor is there a need to panic and rush through an application. Anyone who is considering applying for early release superannuation under the new financial hardship provisions should be aware the scheme does not commence until mid-April.”
AIST said accessing their super through early release measures should be the last resort and people suffering financial hardship should explore all the various Government income-support measures beforehand.
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The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
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