Date of Birth | Preservation Age |
Before 01/07/1960 | 55 years |
01/07/1960 – 30/06/1961 | 56 years |
01/07/1961 – 30/06/1962 | 57 years |
01/07/1962 – 30/06/1963 | 58 years |
01/07/1963 – 30/06/1964 | 59 years |
From 01/07/1964 | 60 years |
There are multiple ways that you can legally access your superannuation under Australian legislation. These are known as conditions of release.
The five most common conditions of release are;
- Being over preservation age and retiring
- Being over preservation age and starting a transition-to-retirement income stream (TRIS)
- Being 60 or over and ceasing an employment arrangement
- Being 65 or over
- Death
Early Release Of Super
There are eight additional conditions of release that will allow you to access your super early if you meet strict eligibility criteria;
- On compassionate grounds
- If you’re suffering severe financial hardship
- If you’re diagnosed with a terminal medical condition
- If you’re temporarily incapacitated
- If you’re permanently incapacitated
- Through the First Home Super Saver Scheme
- If you’re a temporary resident departing Australia
- If you terminate gainful employment with less than $200 in your super account
*Source – Colonial First State’s Superannuation Guide – 01/07/2018