12FRelease of benefits on grounds of severe financial hardship

#### 12F Release of benefits on grounds of severe financial hardship 12F Release of benefits on grounds of severe financial hardship > > (1) STC may, on the election of a contributor, or a former contributor who has provided for a benefit under section 9B or had a benefit preserved under section 9C, release to the contributor or former contributor a benefit on the ground of the contributor or former contributor’s severe financial hardship. > > > (2) STC may release the benefit only if STC is satisfied that the circumstances are such that a benefit would be payable on the grounds of severe financial hardship if the contributor or former contributor were a member of a regulated superannuation fund within the meaning of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth. > > > (3) The amount paid— > > > > > (a) is to be the amount payable for the purpose of complying with the requirements of that Act for payment of such a benefit from a regulated superannuation fund, and > > > > > (b) is not to exceed the amount of any accrued or preserved benefit that would be payable to the contributor or former contributor under this Act if the contributor or former contributor were eligible to be paid such a benefit. > > > (4) A contributor or former contributor may, at any time before a benefit is released under this section, vary or revoke an election under this section. > > > (5) An amount may not be paid under this section unless any applicable requirements of any regulations made under section 12H have been complied with. > > **ss 12F–12H:** Ins 2000 No 100, Sch 3 \[3\].