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