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Accessing super

December 21 2024

Knowing how and when you can access your super is essential when planning for the future.

Thinking about retirement?

Contact us to discuss your options today.

When can I access my super?

Generally, you can withdraw your super when you:

reach the preservation age (see below) and leave your current employer
utilise the transition to retirement rules (if you are eligible), while continuing to work
reach age 65, or
satisfy other relevant criteria for early release (see below).

What is 'preservation'?

When it comes to withdrawals, there are three types of super benefits:

Preserved – All contributions added to your super since 30 June 1999 must be kept (i.e. preserved) in a superannuation account until you meet one of the above eligibility criteria.
Restricted non-preserved – Employer contributions received before 1 July 1999 can't be taken out until you leave that job or meet other specific rules.
Unrestricted non-preserved – This money can be withdrawn anytime without meeting special conditions. It includes funds already approved for withdrawal that you chose to leave in your super.

The preservation age is 60 for anyone born after 30 June 1964. This was previously on a sliding scale based on your date of birth, but now anyone born before 1 July 1964 has reached preservation age.

This means the benefits described above all become non-preserved when you turn 60 years old (i.e. the age from which you can withdraw your preserved benefit).

For more information, please search "preservation of super" on the ATO website at ato.gov.au

I don't have long between now and then! What should I do?

The Retirement section on this site can help you to figure out how much you'll need in retirement, what your options are, as well as discussing the four retirement life stages.

Be prepared: browse the Retirement section now

I have years (or decades) before my retirement - I don't need to worry, do I?

You should take some action to be engaged in your super before it is too late. Small changes now can make a difference in the future.

If you'd like to know how you can make the most of the luxury of time before retirement, read through our Grow your super section. You can always contact us to discuss your options, or book to attend a webinar. If it's advice you need, we can also assist.^*

Find out about your options to Grow your super

* ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.

Do I have to withdraw my super as soon as I reach preservation age?

Not with ESSSuper. Before, or instead of, taking your super out as a full lump-sum withdrawal, we have pension or account-based income stream options you may wish to consider.

You can find out more about our award-winning Income Streams here

Are there any ways I can access my super early?

The purpose of super is to maintain some funds for your retirement. However, sometimes there are circumstances in which you may be allowed to access your benefit early.

These include:

your death or if you become permanently incapacitated,
you are experiencing severe financial hardship,
you qualify for an 'early release' as a result of severe financial hardship or specified compassionate grounds,
your account balance is less than $200 and you change employers, or
you are eligible to 'exempt out' while still working.

Applications for early release of your super on compassionate grounds or for reasons of financial hardship will be determined in accordance with the strict provisions imposed by the Commonwealth Government.

Please note: If you apply and are granted an early release benefit on compassionate or financial hardship grounds, the Board will establish a corresponding debt amount against your defined benefit account. The early release debt amount prior to 30 June 2009 accrues interest at the Fund's crediting rate and the debt amount after 1 July 2009 (including COVID-19 early release) accrues interest at the rate of increase in Average Weekly Ordinary Time Earnings (AWOTE) with earnings at AWOTE plus 2.5%. Your debt account balance(s) will be shown on your Annual Benefit Statement each year and can be viewed on Members Online, in the Account / Benefit estimate menu.