Preservation
For most members, some or all of your benefit will have to be preserved (providing the benefit is greater than $200) until age 60.
The preserved part of your benefit must generally be kept in a superannuation fund until you meet one of the following criteria:
- You reach your preservation age AND permanently retire from the workforce, or
- You change your employer after age 60, or
- You turn 65, or
- You become totally disabled or die
- You meet another condition of release under super legislation
Preservation Age
The age at which you can take a preserved benefit as a lump sum (on permanent retirement from the workforce) depends on your date of birth.
| Date of birth | Preservation age |
|---|---|
| before 1 July 1960 | 55 |
| 1 July 1960 to 30 June 1961 | 56 |
| 1 July 1961 to 30 June 1962 | 57 |
| 1 July 1962 to 30 June 1963 | 58 |
| 1 July 1963 to 30 June 1964 | 59 |
| 1 July 1964 and after | 60 |
In some circumstances you can get early access to your preserved benefits.
Different preservation rules apply depending on whether your superannuation start date is before or after 1 July 1999.
Superannuation start date before 1 July 1999
If you fall into this category, you may have a non-preserved benefit as at 30 June 1999 that can be accessed before preservation age when a benefit becomes payable, e.g. on resignation or retrenchment. You will be able to take the non-preserved benefit in cash at that time if you wish. If you roll your money over at any time you will still retain access to the non-preserved amount.
