When can you access your super?
Super is meant to help you save to fund your retirement, so it is logical that restrictions apply to when you can get access to your money. To give your super time to grow, it is preserved throughout your working life, and access is generally restricted until you reach retirement age or preservation age.
Your preservation age
Your preservation age depends on when you were born (see below). It determines when you can access some of your benefits. Once you’ve reached age 60 and retired, your super benefits can be withdrawn tax-free as either a pension or lump sum amount.
|Your date of birth||Your 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|
|1 July 1964 onwards||60|
If you have reached your preservation age, a Transition to Retirement (TTR) strategy allows you to access your super benefits as a retirement income stream while continuing to work.
How can you access your super?
Accessing your money is easy with an Everyday Super Pension account. Simply choose to receive your regular pension payments into your nominated financial institution account, either:
- Quarterly (you choose the month)
- Half-yearly (you choose the month)
- Yearly (in the month before the anniversary date of your pension starting)
We’ll make your pension payments on or around the 15th and 28th (fortnightly only) of each month.
You can only access your super benefits before your preservation age under certain circumstances and if you meet a ‘condition of release’, such as if you’re experiencing severe financial hardship. However you can transfer to another complying super fund at any time. Details about when you may access your super early can be found on the ATO website, or by contacting us.