To ensure that super savings are used for retirement and other permitted purposes, special rules apply that limit access to super.
These are called preservation rules. This means that depending on a member’s preservation age, they can only access preserved benefits in limited circumstances.
The circumstances in which access to preserved benefits is available are when a member:
- has ceased employment on or after age 60
- has reached age 65 whether the member is still working or not
- has become permanently incapacitated
- can clearly demonstrate severe financial hardship or (if approved by APRA) compassionate grounds
- suffers from a terminal medical condition
- dies (the benefits become available to a members' dependants or estate).
Temporary residents are subject to stricter rules which mean they can access preserved benefits in more limited circumstances including if they permanently depart Australia where the temporary visa has expired (or been cancelled), die, become permanently incapacitated or suffer a terminal medical condition.
