Superannuation benefits cannot be accessed until a member has met a Condition of Release. Key examples include:
- has reached their preservation age and retires
- has reached their preservation age and begins a transition to retirement income stream
- ceases an employment arrangement on or after the age of 60
- is 65 years of age (even if they haven’t retired)
- has died
In special circumstances, some of a member’s super benefits can be released before the member has reached preservation age. Some examples include:
- permanent incapacity
- severe financial hardship
- compassionate grounds
- terminal medical condition
Note: There are further conditions of release which may be available under the Superannuation Industry (Supervision) Regulations 1994.