When can I start accessing my super?

You’ve made it to retirement, and now it’s time to reward yourself. Before you do, it pays to be aware of the rules around when you can access your super.

Generally you can take your super once you have:

• reached 65; or
• left gainful employment after 60; or
• reached your preservation age and retired from the workforce (see table below).

Preservation ages

Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 to 30 June	56
1 July 1961 to 30 June	57
1 July 1962 to 30 June	58
1 July 1963 to 30 June	59
1 July 1964 and onwards	60

 

When can I access my super?

Your super account has a withdrawal value that is split into 3 components – preserved, unrestricted non-preserved and restricted non-preserved.

You can access the components at different times, but generally speaking, you cannot access the bulk of your super (eg employer contributions) until you retire as most of your super is preserved.

Preserved

This portion can only be accessed when you retire, except in some special circumstances:

• You become permanently incapacitated.
• You have a terminal medical condition.
• You qualify on compassionate grounds or severe financial hardship.
• You are the holder of an expired or cancelled temporary resident visa and you have permanently departed Australia (this is not available to certain visa categories and is not available to New Zealand citizens).
• You purchase a non-commutable income product (ie one that cannot be converted into a lump sum) while still working, after you have reached your preservation age.

Your Product Disclosure Statement provides more information about qualifying for compassionate grounds and permanent incapacitation, but the Australian Prudential Regulatory Authority (APRA) must approve it.

Unrestricted non-preserved

This amount can be accessed at any time.

Restricted non-preserved

This amount can generally be accessed when you stop working for the employer who has contributed to your account.
Your Annual Statement or My portfolio will show the withdrawal value of each component.

 

New super rules for Australians over age 65

As part of the May 2006 Budget, ‘A plan to simplify and streamline superannuation’, the rules for compulsory cashing were abolished. This means that you can keep your money invested in superannuation indefinitely.

Contributions that can be accepted

We will contact your employer to determine which types of contributions you are eligible to receive.