Superannuation is a long-term investment for your retirement.  The Commonwealth Government has placed restrictions on when you can access your super savings.

Your super benefit may have up to three components:

·          A preserved component

·          A restricted non-preserved component that can be cashed on termination of employment, and

·          An unrestricted non-preserved component that can be cashed at any time.

Your member statement provides details of these components.

The preserved component of your super can only be paid to you:

·          When you reach age 65, or

·          When you cease employment, on or after age 60, or

·          When an arrangement under which you were gainfully employed has come to an end and the Trustee is reasonably satisfied that you intend never again to become gainfully employed, on or after your preservation age, as set out in the following table:

·          If you become totally and permanently disabled (permanent incapacity), or

·          If you suffer severe financial hardship or are eligible on specified compassionate grounds determined by government rules.  In such cases only some of your super savings may be withdrawn, or

·          If you change jobs and your preserved benefit is $200 or less, or

·          If you are a temporary resident on an eligible visa (excludes New Zealanders) and have permanently left Australia (withholding tax will apply) – see Leaving the company