Most super are “Preserved” which means they have to stay in a fund until you retire. The rules about when you can access your money depends on what type it is:
Subject to the rules of the Fund,
Preserved Benefits can be paid to if you:
-
permanently retire on/after your preservation age;
-
turn 65 years of age;
-
terminate employment after reaching 60 years of age;
-
terminate employment with less than $200 in your account;
-
are permanently incapacitated or die (to beneficiaries or personal representative);
-
are suffering from a terminal illness;
-
have severe financial hardship;
-
are granted APRA approval on compassionate grounds; or
-
are an eligible temporary resident permanently leaving Australia.
Preserved benefits can only be accessed on
retirement if you have reached your preservation age:
Date of Birth
Preservation
Age
30/6/1960 or earlier
55
1/7/1960 – 30/6/1961
56
1/7/1961 – 30/6/1962
57
1/7/1962 – 30/6/1963
58
1/7/1963 – 30/6/1964
59
1/7/1964 or later
60
Restricted non-Preserved Benefits can be accessed on the same conditions as Preserved Benefits. In addition, if you terminate employment with an employer who had at any time contributed to your account, Restricted non-Preserved Benefits become Unrestricted non-Preserved Benefits and can be accessed at any time (see below).
Unrestricted non-Preserved Benefits can be accessed at any time. The value of non-preserved benefits was fixed on 1/7/1999 and won’t increase unless you roll other non-preserved benefits in from another fund or satisfy one of the release conditions above. Any benefits transferred in from or transferred out to another fund will retain their preservation status.
LEAVING YOUR SAVINGS IN SUPER
It used to be that when you turned 65, you had to withdraw your superannuation savings in one form or other.
This no longer applies and your savings can stay in the Fund indefinitely. This gives you greater flexibility
and ample time to decide how and when to cash your benefits.
