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Accessing superannuation

Check out Sunsuper's simple, easy to use glossary of all the different terms you might come across when researching superannuation. Find a clear and simple definition for anything relating to accessing superannuation, from nominating a beneficiary to withdrawing superannuation.

 

Superannuation benefit

A withdrawal from your superannuation. You can generally receive a superannuation benefit as a lump sum, a regular payment (also called a super pension or income stream) or a combination of both once you reach preservation age and retire, or when you turn 65 whether you are retired or not. All Sunsuper members have a Retirement Income Account they may be able to activate when they retire to start drawing a regular income from their super. In certain circumstances, you may be able to access your super early on compassionate grounds. You can also apply for early access to your super if you suffer a medical condition that means you are permanently incapacitated and will never work again, or you are a temporary resident who has left Australia. 

 

Preservation age

The age you are able to access your superannuation. This age depends on when you were born. If you were born before 1 July 1960, your preservation age is 55 years. If you were born after 1 July 1964, it is 60 years. For those born between these dates, your preservation age will be somewhere between 56 and 59 years. So, if you were born between 1 July 1960 and 30 June 1961, your preservation age is 56; between 1 July 1961 and 30 June 1962, your preservation age is 57; between 1 July 1962 and 30 June 1963, your preservation age is 58; and between 1 July 1963 and 30 June 1964, your preservation age is 59. 

 

Beneficiary

A person or a number of people that receives money, or something beneficial from another individual, group or organisation is called a Beneficiary. Commonly used in relation to trusts, wills and life insurance policies, including through superannuation. In the event of your death, your super fund is required to pay your super balance and the proceeds of any insurance cover to your beneficiaries, or if there are no eligible beneficiaries, to any person who has a fair claim. It is therefore important you nominate one or more beneficiaries. A beneficiary can be your spouse or partner, someone who is dependent on you financially or otherwise, or your estate or legal personal representative. You can make a binding nomination, preferred nomination or reversionary nomination.

 

Departing Australia superannuation payment

Also known as a DASP, a Departing Australia Superannuation Payment allows a temporary Australian resident to apply to have their super balance paid to them once they leave Australia. There are many requirements you need to meet to receive a DASP, including you are not an Australian or New Zealand citizen or permanent Australian resident, you entered Australia on a temporary visa, your visa is no longer in effect, and you have left Australia. If you are a citizen or permanent resident you generally only access your super once you reach preservation age and retire or turn 65 whether you are retired or not. You can also apply to the government to access your super early on compassionate grounds. You can also apply for early access to your super if you suffer a medical condition that means you are permanently incapacitated and will never working again. Full details on DASP are available via the Australian Taxation Office

 

Accessing superannuation

Accessing superannuation is the action of taking money out of your super account. Generally, you can only withdraw your super once you reach preservation age and retire, or when you turn 65 whether you are retired or not. You can also apply to the government to access your super early on compassionate grounds. You can also apply for early access to your super if you suffer a medical condition that means you are permanently incapacitated and will never working again, or you are a temporary resident who has left Australia

 

Withdrawing superannuation

Withdrawing superannuation is the action of taking money out of your super account. Generally, you can only withdraw your super once you reach preservation age and retire. Once you meet these conditions, you can withdraw your super in lump sum amounts or as regular payments through a Retirement Income Account. Once you reach preservation age, you may also be able to ease into retirement by withdrawing your super via regular payments through a Transition to Retirement Income Account. You can also apply to the government to access your super early on compassionate grounds. You can also apply for early access to your super if you suffer a medical condition that means you are permanently incapacitated and will never working again, or you are a temporary resident who has left Australia.