Getting Your Superannuation

You can get your super when you retire and reach your ‘preservation age’ — between 55 and 60, depending on when you were born.

There are special circumstances where you can access your super early.

When you can get your super

You can get your super when you reach your ‘preservation age’. Your preservation age depends on when you were born.

Your date of birth	Age you can access your super (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 1 July 1964	60

If you haven’t permanently retired

If you have reached your preservation age but haven’t permanently retired, you can still access part of your super via a transition to retirement pension.

If you’re in a defined benefit fund

You may be able to access a defined benefit pension from age 55, regardless of when you were born. Check with your fund. Eligibility requirements are different for each fund.

Getting your super early

In some circumstances, you can access your super before you reach your preservation age:

• Incapacity — if you’re unable to work or need to work fewer hours because of a medical condition.
• Severe financial hardship — if you can’t meet your living expenses and have been receiving Commonwealth benefits for 26 weeks.
• Compassionate grounds — to pay for unpaid expenses. These could include medical treatment, modifying your home or vehicle because of a severe disability, funeral expenses, or a loan repayment to prevent you losing your home.
• Terminal medical condition — if you have a terminal illness or injury.

If you need to access your super for any of these reasons, please contact Avance to help you:

• understanding your options
• how to apply
• other expenses you’re struggling to manage, such as housing and bills

There are heavy penalties for breaking the rules around accessing your super early.

Using super to buy your first home

If you’re buying your first home, you may be able to access super contributions under the First Home Super Saver Scheme (FHSSS).

The scheme allows you to make voluntary super contributions to your super account to save for your first home. You can then apply to access those contributions and their earnings to buy your first home.

Eligibility criteria and savings limits apply.

The above information is only general in nature and should not be considered specific advice.  Each individual’s circumstances needs to be assessed. For more information on any of the above please book an appointment at Avance.