Members

Conditions of Release

The conditions of release that must be satisfied before you can access your superannuation include:

• You reach age 65,
• You reach preservation age and permanently retire,
• You reach age 60 and terminate your employment,
• You die,
• You are permanently incapacitated, or
• Your employment is terminated and your benefit is less than $200.

Any contributions received after satisfying a condition of release remain preserved until a condition of release is satisfied in relation to those contributions.

Preservation Ages

In most cases, Federal Government laws require you to reach preservation age before you can access your super. The table below shows you what your preservation age will be.

In some cases your superannuation account may contain non-preserved amounts. Non-preserved amounts can be taken in cash at any time provided restrictions (if applicable) are satisfied. Check your latest statement for details or call Tasplan on 1800 005 166 for assistance.

Withdrawing your super before retirement?

There are some circumstances where you can access your super early:

Your benefit is less than $200 and you are unemployed

If your benefit is under $200, and you are unemployed, or you are working less than 10 hours per week, you can apply to withdraw your benefit.

Disablement

If you are permanently disabled, your accumulated benefit, plus any insurance amount you may be entitled to, can be paid.

Financial hardship & compassionate grounds

If you meet Government criteria and receive approval for the release of your super on compassionate grounds, or due to severe financial hardship, it may be possible to claim at least some of your super.

There are strict rules about accessing your super under these conditions, so please contact us for further information.

Temporary Residents

Eligible temporary residents who work in Australia, and have superannuation contributions paid by their employer, are entitled to receive their superannuation benefits once they permanently leave Australia. See the ATO website for more information.

Transition to Retirement

Members who have reached their preservation age can transfer their super benefits to an income stream product, regardless of their employment status (retired, part-time, full-time). This income stream must be non-commutable, which means it cannot be taken as a lump sum.

This enables older people to work part-time while using part of their super to supplement their income.

If you have any questions about accessing your super, please contact Tasplan on 1800 005 166.