Super law provided specific rules for when you can gain access to your super assets. (Condition of Release). Note: governing rules of the super fund provider may set out more restrictive rules around the payment of benefits.
Superannuation benefits are designed as a compulsory means of saving for your retirement, super benefits are broadly classified as being preserved and you are required to meet a condition of release (see below) to access.
Preserved benefits arise from any contributions made by you, on your behalf along with all of your super fund earnings since 30 June 1999.
Unrestricted Non-Preserved benefits can be accessed by you at any time, therefore do not require you to meet a condition of release.
The main conditions of release are:
- reaching preservation age and retiring.
- reaching preservation age and commencing a transition-to-retirement income stream.
- ceasing employment on or after age 60.
- turning 65 (even if you haven’t retired).
- severe financial hardship
- compassionate grounds
- terminal illness
- temporary or permanent incapacity
- departing Australia (for certain Visa holders), and
- death.