Preservation
Generally, superannuation must be “preserved” in the superannuation system until the member has retired from the workforce. Retirement (or other special events) are known as conditions of release.
A member of a fund is taken to have satisfied a condition of release if the event specified in the law has occurred. As always, the payment of benefits is also subject to the provisions of the superannuation fund’s governing rules.
Once your superannuation is released, you can take you benefits in 2 main ways
- Lump Sum
- Income Stream – generally an Account Based Pension
