I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Taking Your Benefit As A Lifetime Pension Or Annuity


Retirement is the condition of release that is most common. Reaching the preservation age gives you the opportunity to retire. Preservation ages range from age 55 – 60 years and it all depends on upon your date of birth. Your superannuation fund will need a retirement declaration to verify that you are retired.

Aged 60 – 64 years and Stopped Working

There's an exclusionary ‘retirement' rule for members aged 60 or those who stopped an employment arrangement. A somewhat unexplored sub-category for the condition of release during retirement depicts an individual who is aged 60 and above but below age 65 and has stopped a worked arrangement. Those who fall under this category can also be treated as ‘retired'. Under such circumstances, the member can be treated as ‘retired for reasons of accessing superannuation. Should a work arrangement continue, though, then reaching the age of 60 will, in itself, not be a valid condition of release.

Reaching Age 65

After you've reached the age of 65, you will be capable of withdrawing all of your super benefits if it pleases you, even though you have not yet retired from the workforce. You can also choose not to access it.

Decision to Begin TRIP or Transition-to-Retirement Pension

You can begin accessing a part of your benefit every year by launching a super pension with no need for retirement as long as you belong to your preservation age (If you are born prior to July 1960 – 55 years, 56 – age 60 if you are born after June 1960) and you have withdrawn at least 10 percent of your account's balance in the form of pension payment every year. TRIP is non-commutable in the majority of cases. By non-commutable, it means you can't convert your pension into a lump sum payment.

Super Benefits with a Preserved Amount of less than $200

Accessing your preserved benefit can be arranged if you leave a job wherein your employer has been contributing to your super fund for you, and the super protected benefit is lesser than $200.

Stopped Working and Owns pre-1999 Superannuation Benefits

If you've been a member of a superannuation fund since or before July 1, 1999, you can claim your ‘restricted non-preserved benefit' or benefits that have accumulated till June 30, 1999, only if you have not been working for an employer. Restricted benefits are a particular kind of superannuation benefit that Australians can hold, but under the condition that they have been fund members before July 1, 1999. But even then, they may not keep such benefits depending on the rules of the fund.

May this information serve as a guide towards your application for a super benefit. If you want more information about the subject, read more about it on our site at www.australiansuperfinder.com.au

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