Accessing your super

The Government has legislated limits on when you can access your superannuation to ensure the savings system remains fair for everyone.

Generally, any money saved in the superannuation system after 1 July 1999 (as well as all investment earnings) are considered ‘preserved’. This means that you cannot access it until you reach a particular 'preservation' age and you have retired from the workforce.

Superannuation benefits fall into three categories:

• Preserved
• Restricted non-preserved
• Unrestricted non-preserved.

These categories are explained below:

Preserved benefits

These must be retained in a fund until your retirement.

Since 1 July 1999, all contributions and fund earnings, regardless of their source, are preserved within the superannuation system until you retire. Government regulations set out a minimum age for the release of benefits, known as the preservation age. Your preservation age depends on your date of birth (see table below):

Restricted non-preserved benefits

These benefits cannot be withdrawn (cashed in) until you cease employment with the employer who contributed them.

If you had an arrangement with an employer to contribute super for you before 1 July 1999, you may have benefits which are classified as non-preserved. So long as you are employed by that same organisation, access to that benefit is restricted and cannot be paid. After you stop being employed by that organisation, then these contributions become unrestricted and can be paid out to you.

Unrestricted non-preserved benefits

These benefits can generally be paid out upon request.

Unrestricted non-preserved benefits are those to which no payment restrictions apply. Provided that the fund allows the payment, these benefits can be paid out to you on request, irrespective of your age, employment situation or financial position. These are generally benefits that you have already become entitled to receive but have voluntarily decided to keep within the superannuation system.

Conditions of early release

There are certain exceptional circumstances where you can apply for an early release of your preserved and restricted non-preserved benefits. Only in these specific circumstances, can we release your superannuation benefit early. 

Small amounts
If you have less than $200 in your super fund and are no longer employed by the organisation that was making those contributions, you can apply to have your benefit paid out (less any applicable taxation).

Severe financial hardship
To be eligible for release of your benefit on the grounds of severe financial hardship, you will need to meet the following conditions:

There are limits on how much and how often you may claim due to severe financial hardship. Please note your benefit payments may also be taxed. Please contact us for further information on 1300 130 780.

Compassionate grounds
In very specific circumstances, you can apply to the Department of Human Services (DHS) to have your benefit or part thereof released on compassionate grounds. While DHS must be satisfied that the application meets the criteria for early release, the final decision rests with the Trustee. Grounds under which DHS will consider an application include situations where you or your dependants incur costs for:

• Medical treatment
• Medical transport
• Funeral assistance
• Palliative care,
• Modifications to your house or car due to severe disability, or
• Preventing forclosure on your mortgage or home.

You should contact DHS directly on 1300 131 060 if you have any questions.

Permanent incapacity
Your benefit can be paid out if you become totally and permanently incapacitated. To have your benefit released early, you will need to provide us with medical certification from two different doctors (one must be a specialist) stating that you are Totally and Permanently Disabled, and in the opinion of the treating doctor, unlikely to ever work again in a job for which you are reasonably educated, trained or experienced. This medical certification does not automatically provide for payment of insurance claims. If you have taken out total and permanent disability insurance you should contact us about making a separate insurance claim.

Non-residents leaving Australia
If you entered Australia on an eligible temporary resident’s visa and later permanently left Australia you can request a Departing Australia Superannuation Payment (DASP). You can apply for this payment online by visiting the Australian Taxation Office’s (ATO) website at www.ato.gov.au or call 13 10 20 if in Australia or +61 2 6216 1111 if calling from overseas. Please contact LUCRF Super prior to your departure so that we can send you the relevant documentation. If your benefit is less than $5,000 send your completed online application and supporting documentation to LUCRF Super. If your benefit is $5,000 or more, send your completed online application, Form 1194 Certification of Immigration Status and application fee to the Department of Immigration and Citizenship (DIAC).

Forms are available at www.immi.gov.au/allforms/superannuation or by calling 13 10 20. DIAC will confirm your eligibility for payment and forward your completed application to LUCRF Super.

If you do not claim your superannuation benefit from LUCRF Super within six months of your temporary visa expiring or being cancelled, the Trustee may have to pay your benefit to the ATO as unclaimed money. You will then need to claim any benefit directly from the ATO.

The Trustee relies on ASIC relief to the effect that the Trustee is not obliged to notify or give an exit statement to a non-resident when payment is made directly to the ATO. An exit statement can be provided on request from LUCRF Super. If you are an Australian or New Zealand citizen you are not eligible for DASP even if you hold an eligible temporary resident visa. This is because New Zealand and Australian citizens may retain a right to retire in Australia.