
Superannuation is designed by the Government to help ensure you have money set aside when you retire. This is why there are rules around when you can access your super.
You can start to withdraw from your super when you:
Your preservation age is based on when you were born.
It’s important to know that your preservation age is not the same as your pension age, which is when you can qualify for the government Age Pension*.
When you can access your super |
|
Date of birth |
Your preservation age |
Before 30 June 1962 | You can already access your super |
Between 1 July 1962 and 30 June 1963 | 58 |
Between 1 July 1963 and 30 June 1964 | 59 |
After 30 June 1964 | 60 |
Once you’re eligible to access your super, you can open an account to access your super as an income.
This can work in two ways:
If you’ve reached your preservation age and you’re still working, you can start a TTR account to access your super and top up your income. You might want to reduce your work hours, or just save more before you retire.
If you’ve retired (or would like to), left a job after age 60, or you’ve turned 65, you can start a pension account to access your super as an income, paid straight into your nominated bank account.
Your super will help determine the quality of life you lead in retirement. It’s an essential part of Australia’s retirement income system, which is one of the world’s best.
Our retirement system has three main parts: compulsory superannuation, the tax-payer funded age pension and private savings – including voluntary super contributions.
Together these should allow you, and all Australians, to maintain a quality standard of living throughout retirement.
Age Pension
|
Superannuation |
Private savings – including voluntary contributions |
The age pension and related benefits are meant to supplement your accumulated superannuation and retirement savings and to ensure no older Australian lives in poverty. It is designed to provide a modest level of income and housing security during retirement.
|
Compulsory super contributions are meant to provide enough income for you to maintain roughly the same standard of living you enjoyed throughout your working life. By reducing reliance on the age pension, super reduces the cost to government and helps ensure the long-term viability of the age pension, ensuring the safety net is there for your children and grandchildren. |
Voluntary super contributions and other personal savings provide you with more flexibility to improve your retirement lifestyle.
|
Choose to top up your income by receiving payments from your super with a Transition to Retirement (TTR) account.
Find out moreAccess your super as an income, paid straight into your nominated bank account.
Find out moreFind out how to use Mercer Super’s pension account to top up your government age pension payments.
Find out more
#Find out more about Transition to Retirement rules at ato..gov.au
*Find out more about the Age Pension here.
^ Or a closely aligned option. Members with investments in Mercer Direct will have to sell/redeem these assets before transferring to pension.