Retiring

If you’re getting close to retirement, it’s worth finding out what you need to consider before you leave the workforce for good.

How much can you take?

The amount of your benefit that can be taken in cash when you leave the workforce is governed by preservation rules.

• What is preservation?
• Rolling over preserved and non-preserved super
• Transfers (full or partial)

What is preservation?

In a nutshell, preservation is a government requirement that restricts access to your super until certain conditions are satisfied.

Your super is made up of preserved amounts (which must be kept in the superannuation system for your retirement) and non-preserved amounts (which you can access any time). Before 1 July 1999, preserved amounts were employer and before-tax member contributions. The rules then changed so that all contributions made from 1 July 1999 and all investment earnings must be preserved.

You can only take the preserved part of your benefit in cash if you:

reach your preservation age and permanently retire from the workforce

• reach age 60 and leave an employer on or after that age
• reach age 65
• become disabled or die, or
• hold an eligible temporary resident visa and permanently depart Australia, or
• stop working with your employer and the value of your benefit is less than $200.

Your preservation age depends on when you were born.

Early release of your benefit

You can request early release of your preserved amount on:

• specified compassionate grounds
  Apply to the Australian Prudential Regulation Authority.
• severe financial hardship grounds
  Apply to the Trustee. You must be receiving Commonwealth Government income support.

As you'd expect, the rules for early release on these grounds are quite complex. Please contact UniSuper for more information.

Rolling over preserved and non-preserved super

Preserved benefits that you roll over into UniSuper (or any other fund) stay preserved until you retire permanently from the workforce.

But if you roll over unrestricted non-preserved benefits into UniSuper you can access them at any time. Any investment return on these benefits must be preserved and will be governed by the preservation rules outlined above.

Transfers (full or partial)

Upon request, we'll transfer all or part of your existing accumulation balance to another superannuation fund within 30 days, unless:

• you request a partial withdrawal and the remaining accumulation balance would be less than $5,000, or
• we have already actioned a withdrawal request from you within the last 12 months.

Before deciding to withdraw your benefits, we recommend you seek professional financial advice.