When can I access my super?

As super is a long-term savings plan for your retirement, there are rules that determine when you can access it. Generally, you can withdraw your super when:

• you are under age 60, have reached your Preservation Age and have permanently retired,
• you are aged between 60 – 64 and leave an employer or retire, or
• turn 65 (even if you haven’t retired).

What is my Preservation Age?

Your preservation age is the age when you can access your super after retirement. It is based on your date of birth. Use our handy tool to check when you will be able to access your super.

Early access to super

Under certain circumstances you may be able to access your super before you retire, or reach your preservation age:

Open a retirement income account and receive regular income payments

Transferring your super to a Retirement Income Account means your money continues to be invested and can grow through investment returns. You also get to choose how much and how often you receive your regular income payments. And, you can make extra withdrawals when you need to. There’s also a range of tax benefits, including tax-free investment returns and income payments if you are over 60.

Take your super as a lump sum and transfer it to your bank account

Transferring your money into a bank account means you have easy access to your cash when you need it. However, you lose benefits once you take your money out of the superannuation system. You’ll no longer be able to grow your money from tax-free investment returns and you lose other potential tax advantages offered by a pension income stream.

When retiring, many First Super members choose to convert their super savings into a First Super Retirement Income Account, allowing them to receive regular income payments during retirement. It’s a great way to ensure your super savings last as long as you do.

Benefits of a First Super Pension Income Account

More information

To find out more about First Super’s award-winning retirement products check out Our Retirement Products or give us a call on 1300 360 988. We’re proud to talk about our pension products and we’re always here to help.

* Tax may be payable if under Age 60.