AMP’s technical superannuation adviser support team found that most Australians wanted to know the conditions that needed to be met in order to access super.

Data from over 2,000 calls made by advisers to customers showed a spike in queries relating to early access to super, in particular by customers over 60.

AMP’s technical strategy manager, John Perri, said his team had a rare insight into the issues that ordinary Australians faced when it came to their super.

“Many Australians don’t realise they can access super early if they change jobs between the ages of 60 and 65, even if they continue working in a new job,” said Mr Perri.

The super benefits that can be accessed during this period may be more tax efficient and flexible than other pension options.

“Super benefits can be accessed as a tax-free lump sum during this period, or used to commence a retirement income stream, which receives both a tax exemption on earnings, and has no maximum pension restriction.

“This may be more flexible and tax efficient than using a ‘transition to retirement’ pension, which does not receive a tax exemption on earnings and has a maximum income payment of 10 per cent of the account balance,” he said.

Mr Perri said it was important that Australians were educated about their super policy and the impacts that withdrawing it could have.

“It’s important that people fully understand the policy and carefully consider the potential impacts on their super before they decide to access it,” Mr Perri said.