Eligibility

To begin a pension (with the exception of a Transition to Retirement Pension) you must have access to all or part of your superannuation benefits i.e. you must have satisfied one of the following ‘conditions of release’.

Conditions of release

The following are the conditions of release that allow you to access your superannuation benefits. 

  • You have reached your preservation age as set out in the table below and permanently retired from the workforce; or


Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
After 30 June 1964 60

 

  • You have reached age 60 and terminated your most recent employment; or
  • You have reached age 65 and are still working;  or
  • You have become totally and permanently disabled at any age; or
  • You have never participated in the workforce, and are age 65 or over. 

 

 
Transition to Retirement Pensions

You can start a Transition to Retirement Pension if you have reached your preservation age, but have not yet fully retired from the workforce.

The conditions surrounding a Transition to Retirement Pension are the same as those for a Superannuation Pension taken out upon retirement, with the exception of the following additional conditions:

  •  a maximum of 10% of your account balance can be taken as pension payments in any one year, regardless of age;
  • and you are unable to make any partial or lump sum withdrawals from the pension until you satisfy a ‘condition of release’, such as, fully retiring.

 
Once you retire, or satisfy a condition of release, your pension will continue and become a standard Superannuation Pension.  The additional restrictions outlined above will no longer apply.