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Withdrawing your benefit

You can withdraw your preserved benefit when you reach preservation age and permanently retire from the workforce.  However, once you reach age 60 you can access your preserved benefit if you cease employment or change employers.

Medical release

You can apply for access to all of your preserved benefit at any age on medical grounds if you are:

  • suffering from a terminal medical condition, or
  • unlikely, because of medical condition, to ever be able to work again.

Transfer to an eligible superannuation scheme

You can transfer (not rollover) your preserved benefit to an eligible superannuation scheme provided:

  • you have not accessed any of your Member component
  • the administrator of that scheme agrees to accept the benefit.

Note that any accumulated surcharge debt will be deducted from the benefit before the transfer is made.

Can I rollover my preserved benefit?

You cannot rollover your preserved benefit until you have reached age 55 and have permanently retired from the workforce.

Member component not already accessed

If you preserved all or some of your Member component, you can claim that component as a lump sum at any time, up to your SIS Upper Limit. This limit also takes into account any amounts previously claimed.

Remember, if you do take any of your preserved Member component, you cannot take any of your remaining preserved benefit as a pension when it becomes payable.