Can creditors access your retirement savings?

Until the reforms are passed by parliament, they remain proposals. But you can be reasonably sure the the bulk of the proposals will become law by 2015 or 2016. If the reforms do pass, then you will be able to access a further portion of your preservation fund, to the extent of 10% pa of your initial deposit (your capital balance on the date the new law comes into effect). We think it is a good thing that your creditors cannot access your retirement savings - if you use this money to pay your creditors, or your creditors could claim this money legally through the courts - then what would you live on in your old age?