Accessing your Super
Superannuation benefits are generally 'preserved' in your superannuation fund until you retire from the workforce after age 55. Government legislation permits the early release of preserved superannuation benefits before age 55 in very restricted circumstances.
The Australian Prudential Regulation Authority (APRA) administers the Government legislation that permits the early release of superannuation.
However, from 1 July 2005 new rules have been introduced to allow a person who has reached their preservation age to access their superannuation through an income stream without having to retire permanently from the workforce.
The new rules provide flexibility for a person who moves between retirement and work. However, under the regulations, superannuation income streams cannot be 'commuted' and 'cashed out' as a lump sum while a person is still working.
Members may be able to access their Superannuation prior to Preservation age due to:
Preservation Age
Members can claim their retirement benefits after they have reached their minimum preservation age and have permanently retired, or when they are 65 years old (regardless of whether they have retired).
Preservation age is based on your date of birth, as set out below.
|
Date of Birth |
Preservation Age |
|
Before July 1960 |
55 |
|
July 1960 - June 1961 |
56 |
|
July 1961 - June 1962 |
57 |
|
July 1962 - June 1963 |
58 |
|
July 1963 - June 1964 |
59 |
|
After June 1964 |
60 |
A member's retirement benefit is the total balance of their Cbus account. It is the sum of all contributions and rollovers (less taxes, insurance charges, Fund charges and any Fund benefits already paid to them) and investment returns allocated to their account. All contributions and all earnings made after 1 July 1999 are preserved on entry to a superannuation fund.
You need to contact the fund on 1300 361 784 to request a partial or complete withdrawal of your superannuation. You will receive an "Application For Benefit" form which includes details of the taxation treatment of the various components of your benefit.
Severe Financial Hardship
Members in severe financial hardship can have theis superannuation paid out early. Learn more about the early payment of your super here.
Compassionate Grounds
Early payment of your superannuation on compassionate grounds is possible. Learn more about early release of your super here.
Temporary Residents
The rules for temporary residents superannuation are explained here. Cbus offers no entry fees and no exit fees to members. Join online now.
