Accessing my super
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
Your preservation age is generally the minimum age you can get your super. It is set by the Government and ranges from 55 to 60 depending on when you were born.
| 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.
Early Withdrawal
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Special circumstances (early release conditions)
There are some limited circumstances where you may apply to access some or all of your super early.
For details on when super can be accessed refer to the Member Guide – Conditions of release (see page 7). -
Non-preserved super
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- unrestricted non-preserved amounts which can be withdrawn anytime (unless you are invested in the Term Deposit Option). VicSuper's 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- restricted non-preserved amounts which can be withdrawn if you meet a condition of release (see page 7) or leave the employer who contributed to VicSuper on your behalf.
Any non-preserved amounts are listed on your VicSuper benefit statement.
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Age Matters
If you are under age 60 there may be tax implications if you make a withdrawal so we encourage you to get some advice first.
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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 of $32 will be deducted from your net payment amount prior to transfer.
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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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