Tax & super

My Super News

The VISSF app has landed

09-Sep-2016

We want to help you get the most out of your super, so we've developed an app that connects you to your super whenever you want, wherever you are. Read More

You’re not alone

09-Sep-2016

Making choices about your financial future can be a complicated process. Sometimes it can seem like a course of study is required just to understand your basic options. Read More

Preserving Your Super

Your Super, Your Future

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.

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 cease employment after reaching age 60;
  • You retire from the workforce after reaching your preservation age;
  • You die, suffer from a terminal medical condition or become permanently disabled;
  • You receive specific approval by the Trustee in the case of demonstrated severe financial hardship; or
  • The Department of Human Services approves the release of your benefit on specified compassionate grounds.

Your preservation age is based on your date of birth

Date of Birth

Age

Before 1 July 1960

55

From 1 July 1960 until 30 June 1961

56

From 1 July 1961 until 30 June 1962

57

From 1 July 1962 until 30 June 1963

58

From 1 July 1963 until 30 June 1964

59

On or after 1 July 1964

60

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

Restricted non-preserved benefits

While you are an active member of VISSF 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 VISSF on your behalf your restricted non-preserved benefit becomes unrestricted. An exit fee of $65 will apply each time a payment is made from your account Fund.

My Super News

The VISSF app has landed

09-Sep-2016

We want to help you get the most out of your super, so we've developed an app that connects you to your super whenever you want, wherever you are. Read More

You’re not alone

09-Sep-2016

Making choices about your financial future can be a complicated process. Sometimes it can seem like a course of study is required just to understand your basic options. Read More

Please note:

We encourage all VISSF members to register for the new Member Online service (it takes less than a minute) and explore the broader range of features and benefits.


Find out more here.
Members Login »