Getting money out of super
Preservation age is the minimum retirement age at which a superannuation fund member is normally able to access preserved benefits. The preservation age is currently 55, however as shown in the table below, it is being gradually increased so that it will ultimately be 60.
The staggered increase in preservation age in the future is based on the calculation that those who were of age 35 or over on 1 July 1995 would retain the existing preservation age of 55. Those who were younger at that time would have a phased increase in preservation age as shown below. Those who were born on 1 July 1964 or later would have a preservation age of 60. The change is such that by the year 2025, the preservation age or minimum retirement age will become 60. The table below shows birth date intervals in the range from birth dates before 1 July 1960, corresponding to a preservation age of 55 and birth dates on or after 1 July 1964 with a preservation age of 60. The corresponding preservation age ranges from 55 to 60 years.
|Date of birth||Preservation age||Financial year preservation age reached|
|Before 1 July 1960||55||2014-15 or earlier|
|From 1 July 1960 to 30 June 1961||56||2016-17|
|From 1 July 1961 to 30 June 1962||57||2018-19|
|From 1 July 1962 to 30 June 1963||58||2020-21|
|From 1 July 1963 to 30 June 1964||59||2022-23|
|On or after 1 July 1964||60||2024-25 or later|
Last modified: Wednesday, July 24, 2019