Super is a way of saving for your retirement, and most people won’t be able to access and withdraw their super until they meet certain conditions.

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What age can you take out your super?

 

For most people, your super is locked away until you reach a certain age, which is known as your preservation age. This is simply the age at which you’re allowed to withdraw your super – which is different depending on when you were born. You’ll find your own preservation age in the table below:

When you were born Preservation age: The age you can access and withdraw your super
Before 1 July 1960 55
1 July 1960 – 30 June 1961 
56
1 July 1961 – 30 June 1962  57
1 July 1962 – 30 June 1963  58
1 July 1963 – 30 June 1964  59
1 July 1964 or later  60


Other conditions for withdrawing your super

The rules that determine when you can access and withdraw your super are called 'conditions of release.' These conditions mean that your super is generally kept in the super system until one of the following conditions is met:

  • You reach your preservation age and retire and start a retirement income stream account
  • You reach your preservation age and start a transition to retirement income stream account
  • You leave paid employment on or after the age of 60. If you’re 60, termination of your employment gives you access to your super, even if you continue to work in another job
  • You’re 65 years old (even if you haven’t retired yet). You can access your super at any time, but can also leave your money in super for as long as you want to.

Ways to withdraw your super

If you’ve met the requirements and are ready to start withdrawing your super as regular income payments, you can:

  1. Start a retirement income stream account
  2. Start a transition to retirement income stream account

You can also withdraw your super as a lump sum, by following the steps below. Before you get started, make sure you have:

  • Your Aware Super member number and account number. You can find these on your annual statement, which we send to you each year.
  • Your most recent employment details.
  • Your Australian bank, building society or credit union account details.
  • The details of another super fund if you are transferring all or part of your Aware Super account balance to another super fund.
  • Your proof of identity documents (unless you have previously provided certified proof of identity documents and your name and/or residential address has not changed since).
  1. Download our Application for benefit payments or transfer form
  2. Print out the form and:
  • Complete your personal details
  • Select what you’d like to do with your super:
  • Withdraw part or all of your super (cash your benefit)
  • Transfer all or part of your super balance to another super fund
  • Confirm you are eligible to withdraw your super
  • Enter your employment and final super contribution details of your last employer to pay into Aware Super
  • Provide your bank details for the account you’d like your super paid into; or new super fund details (to transfer all or part of your super to another super fund)
  • Provide your proof of identity
  • Complete the declaration

    You will find a helpful checklist at the end of the form to make sure you have provided all the information needed to access your super. It is very important to select only ONE condition of release in Section 3 of the form or your application will be unsuccessful

  1. Send the original copy of the completed form and certified ID documents to: Aware Super PO Box 1229 WOLLONGONG NSW 2500.

I need early access to my super

If you’re not quite ready to retire, but need to access your super early, there are some circumstances where you may be able to withdraw your super before moving into retirement.

Please note, the government’s Early Release Scheme to support members through COVID-19 is no longer available.

Where to next?

We're here to help

Whether you’re about to retire or want to access your super early, there are a number of factors to consider first – such as how your withdrawal may be taxed, and any impact on the insurance cover you may have through your super. Give us a call and we’ll talk you through it, or we can refer you to one of our financial planners if you need further support.1

1 Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.