Early release scams

Beware of scammers promoting early release schemes as they only want access to your super.

They often promote schemes where they will promise large investment returns and ask you to withdraw or transfer your SMSF funds. By agreeing to this you are giving them control over your cash and assets and they will transfer them to a false investment and disappear with a substantial amount in ‘fees’ or take the lot.

Early release of your superannuation funds is only legal in very limited circumstances and you should always seek advice prior to accessing your super as the procedure needs to be documented and signed by the trustees of the fund.

See the ASIC website for more information.