While superannuation is extremely important in your overall retirement planning, you must remember that Government legislation preserves superannuation and restricts your access to superannuation (including non-concessional contributions) until you meet one of the conditions of release. These conditions include:
- reaching age 65
- retirement from the workforce after reaching preservation age (see below)
- transition to retirement after reaching preservation age
- ceasing an employment arrangement after age 60
You can only access your super before you reach your preservation age under very limited circumstances such as:
- Incapacity – if you suffer permanent or temporary incapacity
- Severe financial hardship – if you have received Commonwealth benefits for 26 continuous weeks but are still unable to meet immediate living expenses
- Compassionate grounds – to pay for medical treatment if you are seriously ill
- Terminal medical condition – if you have a terminal illness or injury.
You may also be able to access your super early if you are permanently leaving Australia. We can provide advice on whether you may be eligible.
Accessing your super