You have to meet the conditions set by the government to access your super. Read on below to understand the conditions.
If you know that you meet the conditions, please call Member Services on 1300 300 820 to get a Vision Super benefit payment instruction form. Otherwise, read on for details on what you may be able to access, when, and how.
There are some circumstances under which you could access some or all of your super before your official retirement age. There are government regulations and rules for all this, though. We know it can get confusing, so we’ve laid it out clearly for you here.
In short, there are two types of benefits: preserved benefits and non-preserved benefits. The type of benefit will determine when and how you can access your super.
What are preserved benefits?
Generally, contributions to superannuation cannot be taken out in cash until you meet a condition of release. This is known as preservation. Certain benefits must be preserved (that is, kept) in a super fund like Vision Super under government regulations.
A preserved benefit always belongs to you, but you can’t receive it in cash unless you satisfy some conditions. These are called ‘conditions of release’. For most people, they’ll satisfy a condition of release when they reach ‘preservation age’. But there are other conditions of release. Since superannuation benefits are designed to be preserved for your retirement, you won’t be able to access your super until you meet one of these conditions.
Conditions of release explained
There are a number of ways that you can legally access your superannuation under Australian law – these are called conditions of release. Conditions of release include:
*These conditions of release are not available to you if you are a temporary resident unless you hold or held a sub-class visa 405 or 410
Like the name suggests, non-preserved benefits are any benefits that don’t need to be ‘preserved’ through the rules above. There are two kinds:
Unrestricted non-preserved benefits are the most common type of non-preserved benefits. Basically, when you have already met a condition of release (like reaching retirement age, or one of the other conditions listed above), but you didn’t withdraw that money from your super. If you have any unrestricted non-preserved money, you can take it out of your super at any time.
Some eligible termination benefits received before 1 July 2004 are also unrestricted non-preserved benefits.
Restricted non-preserved benefits may be paid to you in cash when you leave a job, and your employer had contributed to your superannuation (including any restricted non-preserved transferred amounts).
Restricted non-preserved benefits include any employment-related contributions you made before 1 July 1999, excluding employer contributions.
If you have restricted non-preserved benefits, you can’t access them until the employment arrangement they relate to has been terminated.
Under transition to retirement rules, you may be able to access your preserved benefits via a pension (subject to some strict restrictions) once you have reached your preservation age, even if you are still working.
Your preservation age is between 55 and 60, depending on when you were born. Once you’ve reached your preservation age and you retire from the workforce, you can access your super in cash without the limitations applicable to transition to retirement pensions.
Find your preservation age in the table below.
Information on preservation age based on date of birth information can be accessed at ato.gov.au.
Date of birth | Preservation age |
|---|---|
Before July 1960 | 55 Years |
Between 1 July 1960 and 30 June 1961 | 56 years |
Between 1 July 1961 and 30 June 1962 | 57 years |
Between 1 July 1962 and 30 June 1963 | 58 years |
Between 1 July 1963 and 30 June 1964 | 59 years |
From 1 July 1964 | 60 years |
Is withdrawing from your super right for you right now?
Before you take money out of your super, think carefully about whether it’s right for you now.
If you access your super before you turn 60, you may have to pay tax on any payments you receive, regardless of the type of payment you get (that is, a lump sum or a pension). The amount of tax you’ll have to pay depends on whether your payment contains a taxable component, a tax-free component, or a combination of both.
Make an appointment with a Vision Super Financial Planner who will provide information and advice about your super or pension. Bookings can also be made by calling 1300 300 820.
Find out more
Find out more
Find out more
Member Hotline 1300 300 820
Employer Hotline 1300 304 947
Retirement Hotline 1300 017 589
Download our mobile app
