Where are you at with your super?

Accessing your super

Super is there to help you save for retirement, so there are some rules restricting when you can access your super.
Generally, you can only access or withdraw your super once you reach:

  • your preservation age and permanently retire; or
  • age 60 and leave your employer; or
  • age 65.

However, there are some special circumstances that might mean you can access your super early. These include:

  • compassionate grounds;
  • financial hardship; or
  • if you are a temporary resident departing Australia.

If you are a first home buyer, you may also be able to save for your first home inside superannuation using the first home super saver scheme.

Your preservation age is the age that you can access your super if you are retired, or are ready to start transitioning into retirement, and ranges from age 55 to 60 depending on when you were born.

Date of birth

Preservation age

Before 1 July 1960


1 July 1960 - 30 June 1961


 1 July 1961 - 30 June 1962


 1 July 1962 - 30 June 1963


 1 July 1963 - 30 June 1964


 After 1 July 1964


Once you turn 65, or reach your preservation age and retire, you can open a Retirement Income Account. Alternatively, if you have reached your preservation age and are not quite ready to retire, you may wish to consider accessing part of your super by opening a Transition to Retirement Account. These accounts are known as Income Stream Accounts.

Club Income Stream Accounts offer you:

  • flexibility in accessing your savings;
  • a choice of 8 investment options;
  • tax-free investment earnings in the Retirement Income Account and tax-free payments from age 60; and
  • death insurance cover for peace of mind.

Accessing your super can have tax and Centrelink implications so you may wish to seek financial advice first. For more information on Club Super’s Income Stream Accounts, please read the Income Stream PDS or call our Client Contact Centre on 1300 369 330.

There are limited circumstances in which benefits may be released on compassionate grounds. These include:

  • medical – to pay for treatment or travel to treatment;
  • mortgage – to stop the bank from selling your home;
  • disability – to modify your home or car;
  • palliative care – for yourself or a dependant; and
  • funeral expenses – for a dependant.

There are eligibility criteria that need to be met and all applications must be made to the Australian Taxation Office (ATO). To find out more about release of super under compassionate grounds, or to apply please visit the ATO website.

There are two ways you may be able to access your super if you are experiencing severe financial hardship. These are known as conditions of release.

Condition of release1

To be eligible to apply under this condition of release, you can be any age and you must:

  • have received an eligible Commonwealth support payment1 for a continuous period of 26 weeks; and
  • be able to prove that you are unable to meet your reasonable and immediate family living expenses.

Condition of release2

To be eligible to apply under this condition of release you must:

  • have received an eligible Commonwealth income support payment1 for a total of 39 weeks after reaching your preservation age; and
  • not be gainfully employed (i.e. not working 10 hours or more in a week) on a part-time or full-time basis at the date of your application.

Your preservation age depends on your date of birth and is between 55 – 60 years of age.

To find out more about accessing your super on the grounds of severe financial hardship, please read the Additional Information – Claiming a benefit or call the Club Super Client Contact Centre on 1300 369 330.

If you have been living in Australia as a temporary resident and have now left the country permanently, you may be able to claim your superannuation that you accumulated while in Australia. This payment is known as the Departing Australia Superannuation Payment (DASP).

To receive the DASP:

  • you must have visited Australia on an eligible temporary resident visa;
  • your visa has expired or been cancelled; and
  • you have departed Australia.2

If you are a temporary resident and you do not claim your DASP within 6 months of departing Australia and your visa has ceased to be in effect, we may be required to transfer your superannuation benefit to the Australian Taxation Office (ATO) as unclaimed money. The ATO will then hold your money for you until you claim it.

For more information about the making a claim for the DASP, please contact the Club Super Client Contact on 1300 369 330 or read Additional Information – Claiming a benefit.

From 1 July 2017, you can make voluntary contributions of up to $15,000 per year and $30,000 in total to their super account for the purchase of your first home. These contributions will be taxed at 15%, and can then be withdrawn along with any earnings for a deposit.

Withdrawals can be made from 1 July 2018 and will be taxed at your marginal tax rate less a 30% tax offset, making it tax effective for most people.

To find out more information or how you could benefit, visit the First Home Super Saver Scheme – Estimator.

1 These payments are made by Centrelink and include social security pensions or benefits (other than Austudy or Youth Allowance if in full-time study).

2 You may still be able to return to Australia on another visa even if you claim and receive your superannuation money.