When can I access my super?
Generally speaking, superannuation is preserved until you retire; this means it can’t be withdrawn until that time. However, some people may have part of their account classed as unrestricted non-preserved, this means it may be withdrawn at any time, and any restricted non-preserved portion may be withdrawn when employment is terminated. Your Statement will tell you if you have any non-preserved monies in your account.
In other limited circumstances you may be allowed to withdraw some of your preserved superannuation such as:
- if you suffer permanent incapacity for work; or
- in cases of severe financial hardship, (the Trustee must follow approved guidelines to determine severe financial hardship); or
- on specified (compassionate) grounds (there are strict guidelines for release on these grounds and both APRA and the Trustee must approve the release); or
- if you are an eligible temporary resident of Australia, who has the option of accessing their super benefits after permanently leaving Australia; or
- upon termination of gainful employment on or after 1 July 1997 where your preserved benefits at the time of the termination are less than $200.
You may access your super once you reach age 65 whether you have retired or not. Please note, under the 2006/07 Federal Budget legislation a person may now retain their superannuation funds (in the accumulation phase) on an indefinite basis until death.
Your preservation age (i.e. the age at which you generally have access to money in superannuation investments) depends on when you were born.
| Date of birth |
Preservation age
|
| Before 1 July 1960 |
55
|
| 1 July 1960 - 30 June 1961 |
56
|
| 1 July 1961 - 30 June 1962 |
57
|
| 1 July 1962 - 30 June 1963 |
58
|
| 1 July 1963 - 30 June 1964 |
59
|
| After 1 July 1964 |
60
|
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