ACCESS CONDITIONS |
Conditions |
Benefits Available |
Retirement |
All |
Death |
All |
Permanent incapacity |
All |
Temporary incapacity |
All in the form of a non-commutable income stream |
Temporary resident departure |
All as a single lump sum |
Preserved benefits < $200 |
All |
Severe financial hardship |
Single lump sum between $1,000 and $10,000 |
Attaining age 65 |
All |
Compassionate grounds |
Single lump sum as determined by regulator |
Attaining preservation age |
All as a non-commutable income stream |
Excess contributions tax |
Amount of excess concessional or non-concessional contributions tax |
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RETIREMENT |
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A person has retired at a particular time if:
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they have reached a preservation age of less than 60, a gainful employment relationship has come to an end and they intend to never again be gainfully employed for more than 10 hours in a week; or |
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they reached age 60 and a gainful employment relationship has come to an end after that age. |
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PRESERVATION AGES |
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Currently for a person to satisfy the condition of release known as retirement they need to be at least 55 years of age and retired from the workforce.
The preservation age will increase from 55 to 60 between the years 2015 and 2025 and will only affect members of superannuation funds who were born after 1 July 1960.
The preservation ages are as follows:
|
Date of Birth |
Preservation Age |
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 |
After 30 June 1964 |
60 |
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PRESERVATION – BEFORE AND AFTER 1 JULY 1999 |
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From 1 July 1999, the new preservation regime was commenced, where all contributions made by or on behalf of a person to a complying superannuation fund are preserved, and all earnings of the fund in respect of the period after 1 July 1999 are preserved.
This was in contrast to the regime that existed prior to 1 July 1999 where undeducted contributions and earnings on RNP and URNP benefits were not required to be preserved.
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