1. Non-Commutable Income Streams (Transition to Retirement)
From 1 July 2005, even if they do not satisfy the usual conditions of release below, members can still access their superannuation benefits once they reach their preservation age provided that it is in the form of a ‘Transition to Retirement Non-Commutable Income Stream’.
‘Transition to Retirement Non-Commutable Income Streams’ may become commutable once the member satisfies a condition of release (e.g. retirement). However, there are still some restrictions on commutation of ‘Transition to Retirement Complying Income Streams’ after retirement. For more details go to the ‘ATO – Transition to Retirement’ links below.
Preservation Ages
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Date of Birth
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Preservation Age
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Before 1 July 1960
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55
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1 July 1960 - 30 June 1961
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56
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1 July 1961 - 30 June 1962
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57
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1 July 1962 - 30 June 1963
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58
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1 July 1963 - 30 June 1964
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59
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1 July 1964 or after
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60
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Source: SIS Reg 6.01
2. For other access to benefits the following conditions of release apply:
Preserved benefits
Source: SIS Regs Schedule 1
Can generally be accessed when:
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> Reaching preservation age - provided they have at some point actually retired from an arrangement of gainful employment and are still retired.(Working less than 10 hours per week)
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> An arrangement under which the member was gainfully employed ceases on or after the day the member reaches age 60
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> Attaining age 65
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In addition, the following circumstances may allow Early Release:
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> Permanent incapacity
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> Suffering a terminal medical condition
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> Financial hardship (receipt of Centrelink benefits for 6 months consecutively or
9 months cumulatively if >55)
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> Permanent departure from Australia for certain temporary residents holding a specified class of visa
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> Compassionate grounds (administered by Dept. of Human Services).
This covers expenses in respect of medical treatment, medical transport, modifications necessary for the family home or motor vehicle due to severe disability, palliative care and funeral expenses. Funds may also be released to prevent the foreclosure of a mortgage or exercise of a power of sale over the member’s principal place of residence.
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Restricted Non-Preserved Benefits
Can generally be accessed on termination of employment at any age, provided that employer has contributed to that fund.
Unrestricted Non-Preserved Benefits
Can generally be withdrawn without restriction.