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Transition to retirement

Cashing restrictions for transition to retirement

Section: 15.1

The 'reaching preservation age' condition of release is also referred to as the 'transition to retirement' condition of release.

A member satisfies this condition of release simply by reaching preservation age -there are no work or retirement tests that need to be met. A person may or may not be working and still access super under this condition of release.

There are important cashing restrictions for this condition of release.

Under the transition to retirement condition of release, any preserved and/or restricted non-preserved benefits must be taken as a certain type of income stream, which among other things does not allow lump sums to be paid (non-commutable).

Last modified: Tuesday, May 2, 2017