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Re: Accessing Super balances above the 1.6 million pension limit

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Newbie

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My question relates to the accumulation account containing the excess super savings after 1.6 million has been converted to a pension account.  I understand that after the age of 65 this account can be accessed (withdrawn) "at will", but what are the rules if the retiree is between 60 and 65?  

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ATO Certified Response

Devotee Super Specialist

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Hi @THammer,

 

Accessing superannuation funds at age 65 is a condition of release allowing an individual to access their super funds regardless of whether they are still working.

 

An individual’s preservation age is key to accessing funds prior to age 65 and currently range between 55 and 60, depending on when you were born.

 

When you reach preservation age, you can access your super as long as you are permanently retired.

 

You can find more information on the ATO’s Withdrawing and using your super page and QSuper’s When can you access your super page.

 

Thanks,

Mark

1 REPLY 1
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Most helpful response

ATO Certified Response

Devotee Super Specialist

Replies 0

Hi @THammer,

 

Accessing superannuation funds at age 65 is a condition of release allowing an individual to access their super funds regardless of whether they are still working.

 

An individual’s preservation age is key to accessing funds prior to age 65 and currently range between 55 and 60, depending on when you were born.

 

When you reach preservation age, you can access your super as long as you are permanently retired.

 

You can find more information on the ATO’s Withdrawing and using your super page and QSuper’s When can you access your super page.

 

Thanks,

Mark