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
|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|
|After 30 June 1964||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, pay less tax and ease into retirement, all at the same time!
Other conditions for accessing super include:
- Severe financial hardship (subject to conditions)
- Compassionate grounds
- Temporary or permanent incapacity
- Transfer to participating Kiwi Saver schemes if you have permanently immigrated to New Zealand, and
- Temporary residents (excluding New Zealand residents.)
For more information on accessing your super, read the Your Super Guide.
How it’s paid
Once you’re eligible to receive your super, it can be paid as a lump sum or transferred to a pension, such as an AustSafe Super Pension, and paid as a tax-effective income stream.
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 551 352.