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What is Preserved Superannuation?

So, you have been putting money away into super for years in order to have a comfortable retirement. As you head into your retirement years, you may be wondering about how you are going to access that money.

Your super is generally ‘preserved’ and cannot be accessed until you meet a condition of release, such as reaching your preservation age, suffering a terminal medical condition or severe financial hardship.

Once you reach your preservation age, which is between fifty-five and sixty years old, depending on when you were born, you can access your super as long as you are permanently retired.

There are three types of preservation depending on how and when the money is paid into your super account:

  • Preserved benefits are all of the contributions you have made, or made on your behalf, and all earnings since 30 June 1999. You may only access these benefits if certain conditions are met, and are subject to cashing restrictions.
  • You then have restricted non-preserved benefits which are made up of employment-related contributions made before 1 July 1999. These also have conditions to be met before you are allowed to receive this money.
  • Then, you have unrestricted non-preserved benefits. You are able to request this money at any time without restrictions.

Super can be confusing, so you may want to talk to someone to understand how and when you can access your retirement savings.  Don’t hesitate to contact us to find out more and ensure that you are ready for your future.


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