Preservation age is the minimum age at which you can access your superannuation — provided you also meet a condition of release (most commonly retirement). For anyone born after 30 June 1964, preservation age is 60. The age was gradually increased from 55 through a phased schedule that was completed on 1 July 2024.
Preservation Age Table — By Date of Birth
| Date of Birth | Preservation Age | Reached Preservation Age From |
|---|---|---|
| Before 1 July 1960 | 55 | Already reached |
| 1 July 1960 – 30 June 1961 | 56 | Already reached |
| 1 July 1961 – 30 June 1962 | 57 | Already reached |
| 1 July 1962 – 30 June 1963 | 58 | Already reached |
| 1 July 1963 – 30 June 1964 | 59 | Already reached |
| After 30 June 1964 | 60 | From 1 July 2024 onwards |
Anyone born on or after 1 July 1964 has a preservation age of 60 — the phased schedule is now complete.
What Preservation Age Actually Means
Reaching preservation age does not automatically give you access to your super. It is a necessary condition, but not a sufficient one. You must also meet a condition of release — the most common being retirement.
At Preservation Age (60) — What You Can and Cannot Do
You can:
- Start a Transition to Retirement (TTR) income stream — draw up to 10% of your super balance per year as regular income while still working
- Access your full super balance if you have also retired (ceased employment and don’t intend to return to work 10+ hours per week)
- Access your full super balance if you have ceased a particular employment arrangement, and you are aged 60 or over (even if you continue working elsewhere)
You cannot:
- Withdraw a lump sum from super while still working full-time (under TTR rules, only income streams are available, not lump sums)
- Access super purely because you have turned 60 and decided you’d like the money — you must have met a condition of release
At Age 65 — What Changes
At age 65, all preserved super becomes unrestricted non-preserved — you can access the full balance in any way (lump sum, pension, or combination) regardless of your employment status. No retirement or other condition needs to be met.
Types of Super Benefits — Preserved vs Non-Preserved
Your super balance is classified into components that affect when it can be accessed:
| Component | What It Is | When Accessible |
|---|---|---|
| Preserved benefits | Most super accumulated since 1999 | Only when a condition of release is met |
| Restricted non-preserved | Employer contributions made before 1 July 1999 | When you leave the employer who made them |
| Unrestricted non-preserved | Benefits that have previously met a condition of release | Any time — no restriction |
Almost all super in modern accounts is preserved — the other categories mainly apply to older super arrangements.
Preservation Age vs Age Pension Age — They Are Different
These are two separate concepts that are often confused:
| Preservation Age | Age Pension Age | |
|---|---|---|
| What it is | Minimum age to access super | Minimum age to receive the government Age Pension |
| Current age | 60 (for those born after 30 June 1964) | 67 (for those born on or after 1 January 1957) |
| What it unlocks | Your own super savings | Government pension payments |
| Asset/income test | No | Yes — means-tested |
You can access your super from age 60 (at preservation age, with a condition of release) without affecting your eligibility for the Age Pension at 67. However, super income streams and lump sums do count in the Age Pension means test once you reach pension age. For more on the interaction, see Super and Centrelink — How Your Super Affects Means Tests.
What Happens to Super Drawn as a TTR at Preservation Age?
A Transition to Retirement (TTR) income stream allows you to draw regular income from your super once you reach preservation age — even while still working. Key features:
- You can draw between 4% and 10% of your account balance per year
- Earnings within the TTR account are taxed at 15% (not tax-free as in full retirement phase)
- Lump sum withdrawals from a TTR account are not permitted (only regular income stream payments)
- If you subsequently retire (meet the full retirement condition), your TTR account converts to a retirement phase account (earnings become tax-free)
See Transition to Retirement Pension — Full Guide for full details.
Tax on Super Withdrawals by Age
Your age at withdrawal affects the tax treatment of super benefits:
| Age at Withdrawal | Tax on Taxable Component (Lump Sum) | Tax on Tax-Free Component |
|---|---|---|
| Under preservation age | 20% (+ Medicare levy) | Nil |
| Preservation age to 59 | 0% up to low-rate cap ($235,000 FY2025–26); 15% above cap | Nil |
| 60 and over | Nil | Nil |
After age 60, all super withdrawals (lump sum or income stream) are completely tax-free regardless of the component. This makes age 60 a significant tax threshold for super access.
The low-rate cap ($235,000 in FY2025–26) is a lifetime cap on the taxable component of lump sum super withdrawals made between preservation age and age 60 that attract the concessional tax rate (0%). Any amount above the cap is taxed at 15%. Source: ATO.
Frequently Asked Questions
I’m 58 and have retired — can I access my super? Yes, if you were born between 1 July 1963 and 30 June 1964 your preservation age is 59. If you were born before that date, preservation ages are lower (see table). If your preservation age is 59 and you are 58, you cannot yet access super — you must wait until you turn 59 and meet a condition of release (e.g. retirement). If your preservation age is 60 and you’re 58, you have two years to wait.
Is preservation age the same as the age pension age? No — they are different. Preservation age (60 for most current workers) is when you can access your own super savings. Age Pension age (currently 67) is when you can receive the government’s means-tested pension. You can access your super at 60 without receiving the Age Pension, and vice versa.
What if I have super in multiple funds — do they all become accessible at the same age? Yes. Preservation age and conditions of release apply to you personally, not to individual funds. When you meet a condition of release, you can access all your preserved super across all funds.
Can my super fund stop me from withdrawing once I’ve met a condition of release? No. Once you’ve met a condition of release, your fund must process your withdrawal request. They may have processing timeframes (typically a few business days to a couple of weeks) and may require identity verification, but they cannot refuse a legitimate withdrawal request.
For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.