access your super

Want to know when you can access your super? Superannuation is a long-term investment that is only available when you meet certain conditions of release that have been set by the Government. 

 

when can you withdraw funds from your superanuation account

 

The table below outlines the circumstances in which your Health Super account becomes payable.

 

	when does the benefit become payable	what benefit is payable
cash withdrawal request	This is subject to preservation, see the Product Disclosure Statement	Your account balance.
rollover to another super fund	You can roll-over your funds to another  complying superannuation fund at anytime. See the Product Disclosure Statement	Your account balance.
reaching your preservation age and still working	You can access some or all of your superannuation as a pre-retirement Non-Commutable Account Based Pension, once you have reached your preservation age, regardless of whether you have actually retired.	Your account balance, subject to minimum and maximum annual levels prescribed under superannuation laws.
retirement	Upon permanent retirement from the workforce on reaching your preservation age.	Your account balance.
Death	On death.	Account balance and death insurance benefit (if applicable). See the Product Disclosure Statement.
Total and Permanent Disablement	On total and permanent disablement.	Account balance and temporary and permanent disability benefit (if applicable). See the Product Disclosure Statement.

 

explaining the conditions of release

To ensure that superannuation savings are used for retirement and other permitted purposes, special rules apply to limit access to your superannuation. These are called preservation rules. Your superannuation benefit will consist of one or more of the following preservation components:

• preserved amount
• restricted non-preserved amount
• unrestricted non-preserved amount

 

preserved amounts

All preserved amounts can be paid to you if you meet one of the following conditions of release:

• permanent retirement from the workforce on reaching your preservation age. Preservation age is determined according to your date of birth as shown in the following table:

 

date of birth	preservation age
Before 1 July 1960	55
1 July 1960 – 30 June 1961	56
1 July 1961 – 30 June 1962	57
1 July 1962 – 30 June 1963	58
1 July 1963 – 30 June 1964	59
After 30 June 1964	60

 

• termination of employment between the ages 60 to 64 (this does not require you to permanently retire)
• permanent disability, where Health Super is reasonably satisfied that you are unlikely to be able to work again in a job for which you are reasonably qualified by education, training or experience
• reaching age 65 (you can cash your super at any time)
• you terminate employment and your Health Super account balance falls below $200
• your death
• permanent departure from Australia, if you are a temporary resident
• financial hardship, if you receive certain social security payments for a cumulative period of 39 weeks after reaching your preservation age and not working 10 hours a week

 

Limited release of preserved amounts can be made in the following circumstances:

• compassionate grounds, as prescribed under superannuation law
• financial hardship if you are under your preservation age and have been on Government support for a continuous period of at least 26 weeks

Preserved amounts can also be rolled-over into another complying superannuation fund, RSA, deferred annuity or approved deposit fund. 

 

restricted non-preserved amounts

Restricted non-preserved amounts must remain in a superannuation fund until:

• you meet one of the conditions of release for preserved amounts
• you are no longer employed with a Registered Health Super Employer that is making contributions into your Health Super account

 

unrestricted non-preserved amounts

Unrestricted non-preserved amounts can be cashed at any time.