Accessing your super benefits
For you to be able to access your benefits certain conditions must be satisfied. This includes consideration of the preservation status of your benefits (ie whether benefits are preserved benefits, restricted non-preserved benefits or unrestricted non-preserved benefits).
Generally, contributions to superannuation cannot be withdrawn in cash until you meet a condition of release. This is known as preservation. Certain benefits must be preserved (or kept) in a super fund like Vision Super under Government regulations. A preserved benefit always belongs to you, but you cannot receive it in cash as a lump sum unless you satisfy one or more of the following criteria:
- have reached age 65*
- have reached age 60, ceased an employment arrangement with an employer contributing to the Fund or the Fund believes that you never intend to work again*
- have retired permanently from the workforce and have reached your preservation age* (refer to table below)
- die or become totally and permanently incapacitated (as defined in the legislation)
- have a preserved benefit of less than $200* and you cease employment are an eligible temporary resident departing permanently from Australia
- you have a terminal medical condition (as defined in the legislation) or
- you can demonstrate financial hardship or apply to the Australian Taxation Office for a compassionate grounds release*.
Under transition to retirement rules, you may be able to access your preserved benefits via a pension once you have reached your preservation age, even if you are still working.
* 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.
What is your preservation age?
|Date of birth||Preservation age|
|Before July 1960 55 years||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|
Restricted non-preserved benefits
Restricted non-preserved benefits may be paid to you in cash when you terminate employment, and your employer had contributed to your superannuation (including any restricted non-preserved transferred amounts).
Unrestricted non-preserved benefits
If you have them, unrestricted non-preserved benefits may be paid to you in cash at any time.
Once you have met a condition of release (eg retirement, and reaching your applicable preservation age), you may withdraw any component of your super benefit.
Legislation allows you to cash out unrestricted non-preserved components of your super at any time where your super fund’s rules allow it.
Taxes may be deducted from your benefit at the time the withdrawal is processed. To make a withdrawal, you must complete a Vision Super Benefit Payment Instruction Form and send it to us. You can obtain this form from our Member Services team.
For more information about taxes in relation to superannuation withdrawals please refer to 7. How Super is taxed – additional guide.
There may be circumstances where you may consider rolling over your benefits to another superannuation provider. You are generally able to do this even if your benefits are preserved. We charge no fees for rolling over your superannuation (with the exception of a sell spread which will be applied when selling units in the Fund).
You should be aware that the other fund may charge you entry fees for rolling-over your super. You should also check what impact transferring your Vision Super benefits will have on any insurance cover you have. The current earning rate of your Vision Super benefits (which may be positive or negative) will be reflected in your transfer balance.
Before transferring you should consider obtaining financial advice.