Superannuation is there to help us save for a great retirement. It’s a long-term savings plan so there are rules restricting when you can access your super.
Most people will only be able to access or withdraw their super after they reach:
- their preservation age and permanently retire, or
- age 60 and leave their employer, or
- age 65
|Date of birth||Preservation age (years)|
|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 30 June 1964||60|
If you have reached your preservation age but have not yet retired, you could consider a transition to retirement strategy which allows you to start using some of your super as income while you’re still working.
Some people may have super amounts that are non-preserved. These amounts are subject to different rules and may be accessed earlier in some cases. They may be:
- unrestricted non-preserved amounts which can be withdrawn anytime (unless you are invested in the Term Deposit Option). Our minimum partial withdrawal amount is $1,000 or the balance of your account if less
- restricted non-preserved amounts which can be withdrawn if you meet a condition of release (see page 7) or leave the employer who contributed to us on your behalf.
Any non-preserved amounts are listed on your benefit statement.
Departing Australia superannuation payment
If you are applying for a Departing Australia superannuation payment (DASP) and nominate an international bank account for the transfer, a bank transfer fee will be deducted from your net payment amount prior to transfer.
First Home Super Saver Scheme
Australians can now save for a deposit toward their first home under the Federal Government’s First Home Super Saver Scheme (‘Scheme’). The Scheme - which came into effect on 1 July 2017 - has been designed to allow eligible first home buyers to build up savings within their super account, then make a withdrawal as a deposit for their first home. Learn more about the First Home Super Saver Scheme.
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