Can I access my super under the below circumstances?

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(Initiate)Initiate

6 Sept 2023

Hoping to get some clarification regarding whether my super should be accessible as a retirement income stream based on the following info:

I ceased an employment after turning 60, but have not made any claims (or declarations of ceasing work) on my super, so it's currently showing as being preserved.
Got a redundancy so didn't need access to my super at the time.
I've since started working again for a different employer, but on a lower salary.
Running out of my redundancy money, so hoping to draw an income stream from super.
The question is: should most of my super be accessible as a retirement income stream (unrestricted non-preserved) and the amounts added in as contributions after starting work again remain preserved? Or did I need to make a claim on the super before I started the new role to actually meet a condition of release?

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SebReiter

(Devotee)Devotee

6 Sept 2023

Hi scott_n

The relevant law for the retirement condition of release is 6.01(7) of the Superannuation Industry (Supervision) Regulations 1994. Here it is, with the relevant bits bolded:

(7) For the purposes of Schedule 1, the retirement of a person is taken to occur:

(a) in the case of a person who has reached a preservation age that is less than 60—if:

(i) an arrangement under which the member was gainfully employed has come to an end; and

(ii) the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full‑time or a part‑time basis; or

(b) in the case of a person who has attained the age of 60—an arrangement under which the member was gainfully employed has come to an end, and either of the following circumstances apply:

(i) the person attained that age on or before the ending of the employment; or

(ii) the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full‑time or a part‑time basis.

So - given that you left employment after turning 60, you've satisfied the Retirement condition of release. You didn't need to make a claim on the super before starting a new job to actually trigger the condition of release.

From a quick google, seems that the super contributions from your new employer will again be preserved, that you'll need to again meet a condition of release in order to be able to access those.

I'm an ATO employee voluntarily providing my time here

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