I’m caught up in the collapse of First Guardian super, and while this is going on, I won’t have access to my super. Am I entitled to receive the age pension in the meantime to help me get by? Or do I have to wait until the liquidator formally declares that everything is lost? If I do have to wait, do you have any advice on how I can support myself?

The minister for social services can grant a deeming exemption when someone’s superannuation investment is tied up due to a fund failure, including cases of fraud.

If your super fund fails, there are options available to you.Credit: Simon Letch

To qualify, three key conditions must be met: the deeming rules must not be undermined by granting the exemption; the investment must not be producing any return; and the investor must have no access to their investment capital. If a fund collapse affects many people, a general deeming exemption may be applied to all affected investors.

People affected by a failed investment may also apply for an asset hardship provision, which can give them a temporary exemption from the assets test.

Because the value of super can change as more information becomes available – for example, when the liquidator’s report is released – any exemptions granted are temporary and subject to regular review.

Anybody in this situation should contact Centrelink’s Older Australians line and ask to speak to a........

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