Rules to Access Your Super

By Jason Fittler

To access your Superannuation you need to meet the conditions of release rules. Brief descriptions of these are below.

Conditions of release are the events your member needs to satisfy to withdraw benefits from their super fund. Preserved benefits and restricted non-preserved benefits may be paid out for the following reasons:

1. Retirement - actual retirement depends on a person's age and, for those less than 60 years old, their future employment intentions. A retired member can't access their preserved benefits before they reach their preservation age.

2. Attaining the age of 65 - If a member has reached the age of 65, they may cash their benefits at any time. There are no cashing restrictions once you are 65 years old or over.

3. Permanent incapacity - A member's benefits may be cashed if they cease gainful employment and you are satisfied that the member is unlikely, because of ill health, to engage in gainful employment that they are reasonably qualified for by education, training or experience. There are no cashing restrictions on payment of benefits.

4. Temporary incapacity - In general, temporary incapacity benefits may be paid only from the insured benefits or voluntary employer funded benefits.

5. Severe financial hardship – include, can't meet reasonable and immediate family living expenses or has been receiving relevant government income support payments for a continuous period of 26 weeks and was receiving that support at the time of applying to the trustees.

6. Compassionate grounds – includes, a member does not have the financial capacity to meet an expense, release is allowable under the governing rules of your fund or APRA determines, in writing, that release is permitted.

7. Temporary residents departing Australia

8. Transition to retirement - Members who are under the age of 65 and have reached preservation age, but remain gainfully employed on a full-time or part-time basis, may access their preserved benefits and restricted non-preserved benefits as a non-commutable income stream.

9. Terminal medical condition

10. Rollovers and transfers - to other super funds don't require a condition of release to be satisfied.

For more information please contact us on 07 4771 4577.