After turning 60, can I access super by reducing working hours to less than 10 hours per week in the current employment role?

As there is no cessation of employment, the reduced number of hours does not impact that. Therefore, the condition of release has not been met.

I have never been gainfully employed and have reached preservation age; can I access my super?

One of the requirements to meet the retirement condition of release is to cease gainful employment. If you have never been gainfully employed, the condition has not been met. You will have to meet another condition of release such as reaching age 65. Alternatively, you could find gainful employment and retire from it after a short time to meet the retirement condition of release.

I am a self-employed person who reached preservation age and ceased my recent contract work while I search for another contract. Have I met a condition of release?

No. Although you have reached preservation age, for genuinely self-employed people gainful employment involves your entire self-employment arrangement. Therefore, each contract forms part of your overall arrangement. The retirement condition of release will be met when your entire self-employment arrangement ends (for example, your business is wound up).

I am over 60 and work two jobs. If I cease one job but continue the other, can I access my super?

Yes. As one employment arrangement has ceased and you are above age 60, you have met a condition of release. However, as stated before, you can access super benefits accumulated up to the date you stopped working one of the jobs. All future super contributions and earnings related to the other employment cannot be accessed until another condition of release is met. It is important to remember that your fund may apply stricter rules to access your super than the law requires. Although the law would permit you to access your super, your fund may still refuse, particularly if you have a defined benefit arrangement.

I have reached age 60 and have agreed with my employer to change my role from being a full-time executive manager to a part-time role working 20 hours a week. Can I access my super?

This can be a tricky situation and it is best to confirm this with your super fund. While your role at the company is changing, there is an agreement being made with the company that you will continue to be gainfully employed by them in the future. As you are unlikely to have ceased a gainful employment arrangement, you have probably not met a retirement condition of release.

I have reached age 60, planning to take one year’s worth of long-service leave and then ceasing my employment. Will I meet a condition of release the day I start taking my long-service leave?

While you will not be working technically, you will still be receiving employment benefits in the form of long-service leave, salary or other payments for one year. As your overall employment arrangement has not ended, you will not be considered to have met a condition of release when you started your long-service leave.

Accessing super between 60 and 65

In this guide

What is the retirement condition of release?
How do you apply for your super benefits?
Are there limitations on how you can access your super benefits when you have met the retirement condition of release?
Can you change your mind and go back to work?
Common questions about accessing super
The bottom line

When you turn 60, you have reached the milestone that is your preservation age. This makes accessing your super much easier but don’t celebrate just yet.

Next, you also need to meet a condition of release. One of these conditions is retirement, but the definition of retirement may not be as straightforward as you think. We have put together this explainer to take away the complexity and answer the burning question of when you can access your entire super balance.

What is the retirement condition of release?

The retirement condition of release has two branches. Meeting either one will permit you to access all of your super (as a lump sum, an income stream, or a combination of both).

The first branch of the definition requires you to declare you have permanently retired from the workforce. To declare you have permanently retired according to Australia’s super legislation you must have:

Reached your preservation age (currently 60)
Ceased gainful employment (at any time in the past), and
Have no intention of becoming gainfully employed again in the future.

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About the author

Barbara Drury

Barbara is a financial journalist and author with over 30 years’ experience in Australia and the UK. She is a contributor to The Sydney Morning Herald and The Age Money section, and has worked for the Australian Financial Review and The Australian. Barbara is the author of Alan Kohler’s Eureka Report Guide to Personal Investing, Sorting Out Your Finances for Dummies and Personal Finance for Dummies and co-author of Investing for Dummies with James Kirby.

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

Accessing super between 60 and 65

What is the retirement condition of release?

About the author

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