Conditions of release for preserved benefits
You can only access your preserved superannuation benefits (including benefits payable under insurance policies you hold through the Fund) once you have met a condition of release. Some conditions of release have restrictions on the amount or the form in which you can take your benefits, while others (such as retirement) allow unrestricted access.
Retirement or reaching age 65
Once you have reached your preservation age and retired or reached age 65, you may access your superannuation benefits without restriction. You have the option of taking a pension, lump sum or combination of both. Generally, you are taken to be retired in the following circumstances:
Your age | When you are considered to be retired |
Preservation age or older, but less than age 60 | You have ceased an arrangement of gainful employment and have satisfied the trustee that you intend to never again be employed for more than 10 hours each week. |
60 to 64 inclusive | Either:
|
Once you reach age 65, there is no need to have ceased work in order to access your benefits.
Accessing a pension from preservation age
When you reach your preservation age but have not met one of the other conditions of release, such as retirement, you may elect to take a transition to retirement pension with preserved or restricted non-preserved benefits. Restrictions on withdrawals apply until you meet a full condition of release. For more information about transition to retirement pensions, please refer to Pension payments in this section.
Accessing your benefits early in special cases
There are a number of conditions of release which may allow you to access your preserved benefits in certain limited circumstances before reaching your preservation age, retiring, or reaching age 65. Under superannuation law there are strict qualifying criteria that must be met in each of these circumstances and restrictions can apply on the amount you can access while others (such as retirement) allow unrestricted access.
Broadly, these conditions of release that are relevant to preserved benefits in the Fund relate to:
- permanent incapacity
- severe financial hardship
- terminal medical condition
- temporary incapacity (for release of insurance benefits only)
- specified compassionate grounds (where you have applied to the Australian Prudential Regulation Authority (APRA) and APRA has approved your application).
Before benefits can be paid under any of these conditions of release, you must provide us with specific documentation confirming that you meet the relevant qualifying criteria. Other conditions of release may be available in limited circumstances.
Temporary resident members
If you are or have been the holder of a temporary resident visa (and you are not an Australian citizen or permanent resident, or a New Zealand citizen), only certain conditions of release may be available to you from 1 April 2009. The new restrictions mean that after 1 April 2009, you will generally only be able to access your benefits under conditions of release that relate to:
- permanent incapacity
- terminal medical condition or
- your permanent departure from Australia (after your visa has ceased to be in effect)
Conditions of release that are generally no longer available include reaching your preservation age, retirement, reaching age 65, severe financial hardship and release under compassionate grounds. However, you may still be able to access your benefits on or after 1 April 2009 if you met the relevant condition of release before 1 April 2009.
Before benefits can be paid under any of these conditions of release, you must provide us with specific documentation confirming that you meet the relevant qualifying criteria.
Other conditions of release may be available in limited circumstances, for example, if you are a temporary resident you may be able to access your benefits on your permanent departure from Australia (except if you are a citizen of New Zealand).
Part A of the Avenue Retirement Service PDS