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When can your super be accessed?

Your super can be accessed when you meet a retirement ‘condition of release’ on or after reaching your preservation age. There are some other limited circumstances with strict conditions in which your super can be accessed.

Retirement after preservation age

You can access your super if you permanently retire from the workforce on or after your preservation age.

Date of birth Preservation age
Before 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
From July 1964 onwards 60

You’re also considered to have met a retirement ‘condition of release’ when you:

  • Reach 60 and then change employers or stop working.
  • Reach 65 (whether you’re working or not).

 



Still working?

If you have reached your preservation age but haven’t retired yet, you can access part of your super by starting an income stream by activating your Mercy Super Income Account.

Non-preserved amounts

If you had contributions made to your super prior to 1 July 1999, part of your account may include what are referred to as non-preserved amounts (refer to your latest benefit statement or login to Member Online to see if that’s the case).

These amounts may be accessible before you reach your preservation age:

  • Unrestricted non-preserved amounts can be accessed at any time.
  • Restricted non-preserved amounts can be accessed when you leave your employer.

 

Other limited circumstances

There are some limited circumstances where you can access your super before you reach your preservation age or retire. These are if you:

  • Become permanently incapacitated.
  • Suffer from a terminal medical condition.
  • Die (your dependants).
  • Terminate employment and your preserved amount is $200 or less.
  • Meet the criteria and receive Government approval for the release of some of your super on compassionate grounds (this includes covering expenses for you or your dependants relating to severe ill health, palliative care, death or funeral costs, and loan repayments on your principal place of residence where failure to do so would result in foreclosure of the loan).
  • Meet the criteria and receive Trustee approval for the release of some of your super due to severe financial hardship (which requires you to have been in receipt of Commonwealth income support payments for more than 26 continuous weeks – 39 weeks if you are over your preservation age).
  • Permanently depart Australia after being a temporary resident (after visiting Australia on an eligible temporary resident visa which has expired or been cancelled).

Government legislation sets out a maximum amount per year that can be paid if you qualify for payment under severe financial hardship or compassionate reasons. The Australian Taxation Office must approve the release of benefits on compassionate grounds.

As strict criteria apply to the release of super under these limited circumstances, we suggest you contact us to discuss your options. More information on accessing your super can be found in our Super account guide.

 

 

Are super benefits taxed?

If you’re accessing your super after 60 it’s tax free. Before 60, any withdrawals from your super are taxed at concessional rates, depending on your age and the make-up of your benefit components. More information on how super is taxed can be found in our Super account guide.

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