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Question

I am 55 years old and will be leaving my full-time employment soon. I expect to work on a casual basis, about 5 hours per week. Under these arrangements will I be eligible to access my preserved benefit?

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.
  

Click here to find out more.

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 superannuation account into a First State Super Transition to Retirement Income Stream (TRIS). Click here to find out more.

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