Most of the super held in your fund will be in the form of preserved benefits. These must be preserved in the fund until the time the law and your fund’s trust deed allows them to be paid.
Access to super benefits is generally restricted to members who have reached preservation age. A person's preservation age ranges from 55 to 60, depending on their date of birth.
|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|
All contributions made by or on behalf of a member, and all earnings since 30 June 1999, are preserved benefits.
Preserved benefits may be cashed voluntarily only if a condition of release is met and subject to any cashing restrictions imposed as part of the condition of release.
Cashing restrictions tell you what form the benefits need to be taken in.
Restricted Non-Preserved Benefits
These benefits generally stem from employment-related contributions (other than employer contributions) made before 1 July 1999.
Restricted non-preserved benefits can't be cashed until the member meets a condition of release specific to these benefits such as a nil cashing restriction or where the employment they relate to has been terminated.
Unrestricted Non-Preserved Benefits
These benefits don't require a condition of release to be met, and may be paid on demand by the member. They include, for example, benefits for which a member has previously satisfied a condition of release and decided to keep the money in the super fund.
Certain employer termination payments (ETPs) received by the fund before 1 July 2004 may also be included in this category of benefits.