Illegal schemes – look for the warning signs

What are some of the warning signs of an illegal early release scheme?

The person promoting the scheme will often offer to help you set up a self-managed super fund (SMSF) that you can roll your super into to help you access it. If you are approached by someone who tells you to set up an SMSF, you should first check they're a licensed financial adviser – you can do this on the Government’s MoneySmart website.

Other warning signs include:

claiming you can access your super and put the money towards anything you want – pay off credit card debt, buy a house or car, or go on a holiday
charging high fees and commissions
requesting your identity documents.

Here's why you shouldn't look for loopholes to access your super