Superannuation is designed as a long-term investment for your retirement, so there are strict rules about when you can access your super.
Preservation of benefits
All contributions and any investment earnings made to your account since 1 July 1999 are preserved. That is, they must stay invested in super until you reach your preservation age and retire or satisfy another condition of release.
If you accumulated benefits before 1 July 1999, you may be able to access ‘restricted non-preserved’ benefits on termination of employment or ‘unrestricted non-preserved’ benefits that can be paid to you at any time. Check your statement or ask your superannuation provider if you think you may have non-preserved benefits.
Your preservation age
Your preservation age is the age at which you can access your preserved benefits, that is, any super contributions and investment earnings accumulated after 1 July 1999.
Your preservation age varies between 55 and 60 years, depending on your date of birth.
|Date of birth||Preservation Age|
|1/7/1960 to 30/6/1961||56|
|1/7/1961 to 30/6/1962||57|
|1/7/1962 to 30/6/1963||58|
|1/7/1963 to 30/6/1964||59|
If you have reached your preservation age, you may be eligible to access your super benefit as a Retirement or Transition to retirement pension.
A $1.6 million cap on the total amount of super you can transfer to a pension account applies.