About Your Retirement

Paying Benefits

As superannuation funds are primarily concerned with providing retirement benefits there is a range of rules that restrict when a member can and cannot access their superannuation savings. These rules are contained in the SIS Act and Regulations and must be adhered to at all times.

All superannuation benefits are subject to preservation. Preservation simply stops a member from withdrawing their superannuation benefits until they reach a genuine condition of release.

A superannuation benefit can be paid as either a superannuation lump sum or as a superannuation income stream benefit.

Conditions of release

The following are the conditions of release that may enable a benefit to be cashed.

The conditions of release are as follows:

1. commencing a transition to retirement pension
2. retirement (as defined in the SIS Act)
3. attaining age 65
4. terminal medical condition
5. terminating gainful employment after reaching preservation age
6. temporary incapacity
7. permanent incapacity
8. severe financial hardship
9. compassionate grounds
10. eligible non-residents permanently departing Australia.

Retirement

A member may access their benefit upon retirement, subject to the governing rules of the fund. For superannuation purposes, 'retirement' from the workforce depends on a person's age and their future employment intentions.

A 'retired' member cannot access their preserved benefits before they reach their preservation age. The preservation age differs according to when a member was born and allows access to benefits from age 55 to 60.