You can stop or change your work arrangements whenever you choose, however there are certain conditions you need to meet before you can access your superannuation or the Government Age Pension. Understanding these conditions can help you decide when you could retire.
You can access your super when you satisfy a condition of release:
- You reach your preservation age* and permanently retire from the workforce; or
- You reach your preservation age* and start a Transition to Retirement Pension; or
- You reach age 60 and leave your employer; or
- You turn 65, regardless of your employment situation.
* You can use the table below to determine when you will reach your preservation age.
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|From 1 July 1964||60|
Note that your preservation age is not the same as the age when you may be eligible to access the Government Age Pension. The Government Age Pension is available to individuals and couples who pass the assets test in income test once they reach age 67.
Note that the information above does not apply to certain non-preserved amounts that you may have built up in your super account before 1 July 1999.
If you have non-preserved superannuation, this will appear on your annual member statement. An Unrestricted Non-Preserved Benefit can be taken at any time, while a Restricted Non-Preserved Benefit can generally be taken when changing employment.
If you have any questions please contact our Member Care Team – we’re here to help.