At my preservation age can I access my superannuation if I continue to work and can I still make contributions?
Answer
Reaching age 55 does not automatically provide access to super. Preserved benefits can still only be paid out if a member meets a condition of release. The list below is a sample of when a superannuation benefit may be paid:
You reach 65 years of age, whether you are retired or not.
You cease employment on or after reaching age 60.
You permanently retire on or after your preservation age (age 55 if you were born before 1 July 1960).
You reach your preservation age, continue to work and take your benefit in the form of a non-commutable income stream.
If you have reached your preservation age and do not wish to retire but would like to access your super in the form of income stream payments, you can transfer a minimum of $20,000 from your existing First State Super non-pension superannuation account into a First State Super Transition to Retirement Income Stream (TRIS).
You or your employer will not be able to make contributions to a TRIS once it is established. However, your existing First State Super (non-pension superannuation) account can be kept open for employer contributions including salary sacrifice contributions, personal contributions and rollovers. Contribution restrictions currently apply if you are over the age of 65. Click here to find out more.
The information on this website contains general information and does not take into account your personal objectives, financial situation or needs. It is important, before deciding whether to become a member of First State Super (or, if you are already a member, to continue your membership) that you consider the First State Super Your Member Guide Product Disclosure Statement having regard to you own situation.
