Conditions of super release
You can withdraw your super when any of the following apply:
- You turn 65 years old, even if you're still working.
- You reach your preservation age and choose to retire.
- You reach your preservation age, continue working, and start a transition to retirement income stream.
- You meet a condition that allows early access to your super.
Retirement
Retirement means you have ceased paid employment either:
- when you were 60 years old or over
- before you turned 60 years old and you have reached your preservation age.
Your superannuation fund must be satisfied you have no intention of becoming employed again in the future.
Learn more about options for withdrawing your super when you retire – see Retirement withdrawal – lump sum or income stream.
Preservation age
Your preservation age is not the same as your pension age. Check with Services AustraliaExternal Link for the rules about accessing an age pension.
Your preservation age is the age at which you can access your super if you're either retired or you have started a transition to retirement income stream.
Your preservation age depends on when you were born, as shown in this table.
|
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 |
|
From 1 July 1964 |
60 |
After your death
If a person dies, in most cases their super fund pays their remaining super interest to their nominated beneficiary.
Super that is paid after a person's death is called a super death benefit.
Accessing your super early
In very limited circumstances, you can access your super early.
These circumstances include:
- medical, compassionate, hardship and incapacity grounds
- accessing your voluntary contributions through the First Home Super Saver scheme
- being a temporary resident who is leaving Australia
- having a low super balance, such as a
- super account balance of less than $200 after your employment is terminated
- lost super account with a balance of less than $200.
Illegal early access schemes
It is illegal to withdraw your super unless you satisfy a condition of release.
Beware of people promoting early-access to super schemes. Participating in illegal early access schemes will cost you a lot more than the super you withdraw.