Cashing out your deferred benefit
If you are a deferred member and would like to cash out your super, there are scheme rules to meet as well as Commonwealth super rules.
To access your benefit the scheme requires you to have reached your earliest retirement age , which for most members is age 58. There are very limited circumstances where you can access your money before this age.
Once you have reached your earliest retirement age, what you can then do with your super is then subject to Government rules. The Government decides the preservation age rules and other conditions of release. Whilst you can cash out the unrestricted non-preserved amount of your benefit at any time, and roll over the balance to another super fund, the preserved amount will need to stay in the super system until you meet the preservation rules and conditions of release1. These rules are designed to encourage Australians to grow their super so they can retire with more money. This also helps to keep Australians in the workforce longer.
1 Conditions of release rules, in addition to preservation age, require that if you are under age 65, you need to have permanently retired and not intend to work more than 10 hours a week, or if you are between age 60 and age 65, have left an employment after age 60 regardless of your future work intentions. Suffering a total and permanent disability, terminal illness, or death will also trigger release of super.