Gold Coast businessman Timothy Melrose Barritt was convicted in the Southport District Court today on eight charges of forging and uttering documents contrary to the Commonwealth Crimes Act 1914.
He was sentenced to 18 months imprisonment to be released forthwith upon giving security by way of recognisance in the sum of $2000, conditional that he be of good behaviour for four years and pay the Commonwealth a pecuniary penalty of $1800.
Mr Barritt operated a business called Super Release in Broadbeach, Queensland, that charged clients a substantial fee for submitting applications to the Australian Prudential Regulation Authority (APRA) (formerly the Insurance and Superannuation Commission) for the early release of superannuation benefits on specified grounds. Between 17 March and 1 June 1998, Mr Barritt submitted forged documents to APRA in support of an application for the early release of superannuation benefits by a client.
APRA General Manager Bill Gole said that APRA was concerned about the activities of Mr Barritt and others around Australia who are charging needy clients fees for making applications for early release of their superannuation benefits. He also said that people facing exceptional circumstances may apply directly to APRA for the early release of superannuation benefits, after checking their fund's regulations. An intermediary is not necessary.
Superannuation is designed to provide for retirement. As a general rule, benefits are not intended to be available until people retire from the workforce at age 55 or later. However, the Government has recognised that people in severe financial hardship, or who face other problems specified by Government legislation, may have a legitimate need to access some of their superannuation early. The rules of each superannuation fund determine if an early release of benefits is at all possible. If a fund does allow the early release of benefits, in most cases people can recognise themselves whether an application is likely to be successful. To qualify on grounds of severe financial hardship, a person must satisfy the fund trustee that he or she cannot meet reasonable living expenses, and provide a letter from Centrelink stating that he or she has been in receipt of a Commonwealth income support payment for a continuous period of 26 weeks.
The approval of APRA is required prior to any release for other specified grounds, which are limited to medical treatment not readily available through the public health system, palliative care, and mortgage repayments where the mortgagee has threatened foreclosure.
For those superannuation fund members who are genuinely in need of approved financial assistance, APRA seeks to make the process of application as easy as possible so members can make an application on their own behalf. It is not necessary to pay fees to any organisation for the release of this money.
"There are very specific conditions under which benefits can be released," said Mr Gole. "I suggest that any person who has a genuine need should contact their superannuation fund to determine what those conditions are before submitting an application to APRA."
Mr Gole said, "Where applicants or service providers use criminal means to try to get around the system, APRA will not hesitate to refer matters to the Australian Federal Police, as was done in the case of Mr Barritt."
More information on the early release of superannuation benefits is available on the APRA internet site at www.apra.gov.au
For further information contact:
Gloria Peterson
02 9210 3385
