Preserving Your Super

Superannuation is a long-term investment and Government legislation may require that your benefit cannot be paid to you until some future time. That is, all or part of your benefit may have to be preserved.

From 1 July 1999 all member and employer contributions plus investment earnings must be preserved.

Preserved benefits must stay in the superannuation system and can only be paid in cash once you have satisfied one of the following conditions of release:

• you reach age 65;
•  you ceased employment after reaching age 60;
•  you retire from the workforce after reaching your preservation age;
•  you die or become permanently disabled;
•  you receive specific approval by the Trustee in the case of demonstrated severe financial hardship; or

the Australian Prudential Regulation Authority approves the release of your benefit on compassionate grounds.
 

 
Your preservation age is based on your date of birth

Date of Birth                  Age

After 30/6/1964                     60
1/7/1963 - 30/6/1964            59
1/7/1962 - 30/6/1963            58
1/7/1961 - 30/6/1962            57
1/7/1960 - 30/6/1961            56
Before 1/7/1960                    55
 

The amount of your preserved benefit is shown on the Benefit Statement issued to you each year.
 

Restricted non-preserved benefitsWhile you are an active member of the Fund and are employed by an employer who has made contributions on your behalf, any restricted non-preserved portion of your benefit cannot be paid to you in cash until your employment terminates.
 

Unrestricted non-preserved benefits An unrestricted non-preserved benefit can be paid to you at any time.
If you no longer have a participating employer paying contributions to the Fund on your behalf your restricted non-preserved benefit becomes unrestricted. An exit fee of $65 will apply each time a payment is made from the Fund.