Accessing super

Super is a long-term investment and the Government has rules for when it can be accessed.

Generally you can access super:

  • When you reach your preservation age (see below) and are retired or have met a condition of release, or
  • When you turn 65, whether you’ve retired or not.

Your preservation age

Your preservation age is based on your date of birth as outlined in the following table:

Date of birthPreservation 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
1 July 1964 or after 60

If you’re under age 65 and have reached your preservation age, you can access some of your super while working, with a transition to retirement pension account. This may help you grow your super and ease into retirement, all at the same time!

Other conditions

Other conditions for accessing super include:

  • Death
  • Temporary or permanent incapacity
  • Temporary residents permanently departing Australia (excluding New Zealand residents.)
  • Severe financial hardship (subject to conditions)
  • Compassionate grounds as approved by the Department of Human Services, and
  • Transfer to participating Kiwi Saver schemes if you have permanently emigrated to New Zealand.

For more information on accessing your super, read the Your Super Guide.

How it’s paid

Once you’re eligible to receive your super, your benefit can be paid as a lump sum or transferred to a tax-effective pension, such as an AustSafe Super Pension, if eligible. 

If you take a lump sum after age 60, it will be paid tax free.

If you’re under age 60, any lump sum payment is likely to consist of a tax free and a taxable component. For more information on this, read the Your Super Guide. Alternatively, if you have any further questions about assessing your super, call our Financial Planners on 1300 131 293.