(1) When can I get hold of my superannuation?

Warning

This webpage covers a very complex topic in a simplified way, which means that it only covers the main points and it does not cover every rule. So be aware that sometimes the simplified explanation on this page will not cover your particular financial situation. Please read our disclaimer before you use any information on this website.

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This page assumes that you understand the following background topics:

If you have trouble understanding the jargon on this page, read these background topics to fill in the gaps.

(1) When can I get hold of my superannuation?

There are three ways in which you can get hold of your superannuation:

If you have an unrestricted non-preserved benefit

You can withdraw any superannuation which is unrestricted non-preserved at any time.

  • For example, suppose you are 53 years old, still working and have some superannuation which is unrestricted non-preserved. In that case, you could withdraw your unrestricted non-preserved benefit at any time.

If you meet a condition of release with no cashing restrictions

If you meet a condition of release with no cashing restrictions, all of your superannuation becomes unrestricted non-preserved. This means that you can then withdraw your superannuation.

  • For example, suppose you are 55 years old and permanently retire. You have met a condition of release with no cashing restrictions. All of your superannuation becomes unrestricted non-preserved, so you can then withdraw it at any time.

If you meet a condition of release with cashing restrictions

If you meet a condition of release with cashing restrictions, you are able to access your superannuation as long as you stay within the cashing restrictions.

  • For example, suppose you turn 55 but keep working. While you have not retired, reaching preservation age (currently 55) is a condition of release with cashing restrictions. This means that you can start a transition-to-retirement pension and get hold of some of your superannuation in the form of pension payments. Note, however, that the cashing restrictions mean you cannot withdraw the lot. You can only access your superannuation in pension payments and your pension payments in one financial year cannot exceed more than 10% of your account balance.

Tax

Remember that tax may apply if you get hold of some of your superannuation. For information on tax, see the next page:

(2) How much tax will I pay when I get hold of my superannuation?