Industry welcomes super change
Richard Gilbert
The Investment and Financial Services Association has welcomed Government confirmation of new regulation allowing terminally ill people unrestricted access to their superannuation pay-outs without incurring tax.
IFSA chief executive Richard Gilbert said that the measures were welcome and would help ease emotional and financial stress for terminally ill people and their families.
“It will be of some comfort that terminally ill people can now access their retirement savings without a tax impost, arrange their affairs and hopefully access the best of care and lifestyle,” he said.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced late last week that new regulations had been introduced providing a new condition of release for persons suffering from terminal medical conditions.
“Under the previous early release rules, persons in this situation who continued working faced restrictions on the amount of benefits they could access,” he said.
“The new condition of release will give persons with terminal medical conditions unrestricted access to their superannuation benefits.
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