Superannuation is a long-term investment and the government has placed restrictions on when you can gain access to benefits.
Your super benefits in Enterprise Plan comprise contributions, any roll-ins from other super funds, investment incomes, and if approved any insurance proceeds from a claim, less taxes paid, fees and charges. In general, your benefits fall into one or more of the 3 types: Preserved benefits These benefits can only be accessed when you meet a condition of release, such as:
- reaching your preservation age (see below table),
- reach age 65,
- death or permanent incapacity,
- terminal illness,
- severe financial hardship, or
- temporary resident departing Australia.
Visit Accessing Your Super Benefit section on ATO website for the full list. Generally all contributions made from 1 July 1999 are preserved benefits.
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|From 1 July 1960 to 30 June 1961||56|
|From 1 July 1961 to 30 June 1962||57|
|From 1 July 1962 to 30 June 1963||58|
|From 1 July 1963 to 30 June 1964||59|
|On 1 July 1964 or after||60|
Super withdrawal options
When you retire, you can receive your super benefits as a pension (super income stream), or as a lump sum. Lump Sum Withdrawal If you choose to take your super as lump sum, please advise us by completing the Withdrawal Form and supply the requirement documents. Enterprise Plan Pension You can convert your superannuation and savings held into a flexible, retirement income stream with The Executive Superannuation Fund. Visit Planning for Retirement for further information.