Superannuation in Australia is preserved — meaning it is locked away until you meet specific conditions. These rules exist to ensure super is used for retirement. Understanding preservation is essential to knowing when and how you can access your money.
The Three Categories of Super Benefits
Every dollar in your super account falls into one of three preservation categories:
| Category | What it is | When accessible |
|---|---|---|
| Preserved benefits | The vast majority of super balances for most people | Only when a condition of release is met |
| Restricted non-preserved | Employer contributions made before 1 July 1999 not subject to preservation at the time | When you leave your employer OR meet a condition of release |
| Unrestricted non-preserved | Older amounts already meeting a condition of release | Any time — no restriction |
Almost all super accumulated since 1999 is preserved. Unless your account has very old pre-1999 balances, your super is almost certainly 100% preserved.
Conditions of Release
To access preserved super, you must meet one of the following conditions:
Unconditional release
| Condition | Details |
|---|---|
| Reaching preservation age and retiring | Preservation age is 60 for most Australians; must permanently retire |
| Reaching age 60 and ceasing employment | Even if you plan to work again elsewhere — each cessation of employment after 60 is a release condition |
| Reaching age 65 | No condition other than age — can be working or not |
| Terminal medical condition | Two medical certificates confirming a condition likely to cause death within 24 months |
| Permanent incapacity | Permanently unable to work in any occupation for which you are qualified |
| Death | Benefits paid to beneficiaries or estate |
Restricted release (cashing restrictions apply)
| Condition | What you can access |
|---|---|
| Temporary incapacity | Income replacement only, as income stream |
| Severe financial hardship | Maximum $10,000 per 12-month period (minimum $1,000); requires 26 consecutive weeks on Commonwealth income support |
| Compassionate grounds | ATO approval required; specific purposes (medical treatment, mortgage default, palliative care, funeral expenses) |
| Transition to retirement (TTR) | Account-based income stream only; 4%–10% of balance per year; no lump sums until full retirement |
| First Home Super Saver (FHSS) | Concessional and voluntary NCC contributed after 1 July 2017; up to $50,000 |
| COVID-19 early release | Historical — no longer available |
Preservation Age by Birth Date
| Date of birth | Preservation age |
|---|---|
| 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 |
| After 30 June 1964 | 60 |
What Happens If You Access Super Early Without Meeting a Condition?
Accessing super early without meeting a condition of release is illegal. Promoters who claim they can help you access super early by setting up a company or trust are running illegal early release schemes — these are scams. The ATO and ASIC actively prosecute these promoters and participants.
The super is not just lost — the ATO can assess the illegally released amount as income and apply significant penalties on top.
Frequently Asked Questions
Can I access my super early if I resign from my job? Not before preservation age, unless you meet another condition (financial hardship, compassionate grounds, etc.). Simply resigning does not trigger a condition of release.
Is super outside super preservation rules? No — all complying superannuation is subject to preservation rules regardless of which fund holds it, including SMSFs.
What’s the difference between preservation age and pension age? Preservation age (60 for most) is when you can access your super. Age Pension eligibility age is 67. These are separate thresholds.
For more: How to Withdraw Your Super, Preservation Age and TTR, Severe Financial Hardship. For advice tailored to your situation, speak with a licensed financial adviser via MoneySmart.