Benefits – getting your money
Speaking in general, superannuation must be preserved within the system until the time the member has retired after duly reaching the age of preservation. This age is between age 55 and 60 depending on your date of birth. Put another way, you can access your Super funds only in the event of retirement unless there is a predefined special event which forces you to dig into your retirement nest egg. Retirement or such special events are termed as “conditions of release”.
A member satisfies such condition if the event pre-specified in the law occurs. The way benefits are paid is also determined by the governing rules of the fund.
Mentioned are certain conditions of release which come without any restrictions::
- Reaching 65 years of age irrespective of whether the member is gainfully employed or otherwise.
- terminal medical condition;
- permanent disability;
- In the event of finding a “lost member” whose benefit in the fund, when released, is less than $200; and
- termination of gainful employment with the member’s benefits being less than $200.
There are certain other qualifying conditions of release where restrictions are imposed on amounts that can be taken.
This apparently simple word has various meanings in superannuation law. There are different set of rules for those over 55, those over 60, and those over 65 years of age.