When can I access my super balance and how much?

15th Jan 2018

There are a few conditions of release to be able to access a superannuation balance and the amount that can be withdrawn from superannuation.

Conditions of release

  • Attaining Preservation Age
    • The type of pension during the Preservation age is called a ‘Transition to Retirement’ pension & there a few restrictions on this pension. But as soon as one of the other conditions of release can be met this pension will convert to an ‘Account Based’
    • The preservation ages are as below table:

Birthdate
From

Birthdate
To

Age

 

30/06/1960

55

1/07/1960

30/06/1961

56

1/07/1961

30/06/1962

57

1/07/1962

30/06/1963

58

1/07/1963

30/06/1964

59

1/07/1964

and later

60
 
  • Retirement
    • This will trigger an ‘Account Based’ pension which as no restrictions.
    • If a person in is under 60 and has ceased employment and the trustee is satisfied that said person will not be employed for more than 10 hours per week, that said person can be classed as retired.
    • If person is 60 or over and has ceased employment that said person can be classed as retired.
  • Attaining age 65
    • This will trigger an ‘Account Based’ pension which as no restrictions.
    • As soon as someone turns 65-year-old, they can have access to their superannuation balance with no restrictions. 

Pension Amounts

  • As soon as a pension has been triggered there is a minimum amount that has be met each financial year. There is also a maximum amount on the ‘Transition to Retirement’
  • The below table has the minimum and maximum amounts that can be withdrawn, depending on age and type of pension.

Age

Minimum

Maximum

Under 65

4%

10%

65-74

5%

 

75-79

6%

 

80-84

7%

 

85-89

9%

 

90-94

11%

 

95 and over

14%

 

Note: Maximum only applies to Tranistion to Retirement pension. 

  • The pension amount is worked out on the superannuation balance as of 30 June, the year before the current financial year.
    • For example, if a 65-year-old has a total of $600,000 in pension as of 30 June 2017, their minimum pension to be withdrawn for the 2018 financial year would be $30,000.

If you have any questions concerning your super, please contact us.

We have superannuation experts available to assist you.
Phone 1300 678 764 or contact your nearest Skybridge office.