The ability for you to access your money in a superannuation fund depends on when and by whom the money was contributed and whether certain conditions, known as ‘Conditions of Release’, are satisfied. The various conditions impose different withdrawal restrictions.
Taxation of withdrawals, whether as a lump sum or an income stream is not covered in this factsheet. For information on that subject, see our factsheet ‘Superannuation and Tax – Withdrawals’ below.
One of the most common conditions of release is retiring, after reaching preservation age, with no intention to ever return to gainful employment. The minimum preservation age is currently 55 years but this is progressively increasing depending on your date of birth, as illustrated in the table below.