Superannuation is a long-term investment and the government has placed restrictions on when you can gain access to benefits.

Your Benefits

Your benefits in Smartsave comprises contributions, any transfer or rollovers, investment earnings and the proceeds from any insurance claims, less than fees and charges.

In general, your benefits fall into one or more of the 3 types:

Preserved benefits
These benefits can only be accessed when you meet a condition of release, such as:

  • reaching your preservation age (see below table),
  • reach age 65,
  • death or permanent incapacity,
  • terminal illness,
  • severe financial hardship, or
  • temporary resident departing Australia.

Visit Accessing Your Super Benefit section on ATO website for the full list.

Generally all contributions made from 1 July 1999 are preserved benefits.

Date of birthPreservation age
Before 1 July 196055
From 1 July 1960 to 30 June 196156
From 1 July 1961 to 30 June 196257
From 1 July 1962 to 30 June 196358
From 1 July 1963 to 30 June 196459
On 1 July 1964 or after60

Restricted Non-Preserved
These benefits include all contributions made from 1 July 1983 to 30 June 1999, and can be only accessed if you satisfy a condition of release as above. In addition, where you terminate your employment with an employer who had contributed on your behalf, these benefits can be accessed at any time.

Unrestricted Non-Preserved
These benefits can be paid to you at any time upon request

Tip: check your annual member statement to find out how much you have in preserved, restricted non-preserved or unrestricted non-preserved benefits.

Super withdrawal options

When you retire, you can receive your super benefits as a pension (super income stream), or as a lump sum.

Smartsave Pension
You can convert your superannuation and savings into a low cost retirement pension. Smartsave Pension offers both Account-Based Pension and Transition to Retirement Pension. Call our Member Service Team on 1300 654 720.

Lump Sum Withdrawal
If you choose to take your super as lump sum, please advise us by completing the Withdrawal Form and supply the requirement documents.