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Your superannuation benefit may contain one or more of the following preservation components:
- Preserved
- Compulsory preserved
- Restricted non-preserved
- Unrestricted non-preserved
Generally all superannuation benefits must be preserved within the superannuation system until you reach your preservation age and retire from the workforce unless you satisfy another condition of release.
However, in certain circumstances you may apply for the early release of the preserved, compulsory preserved and restricted non-preserved components of your benefit on the grounds of severe financial hardship and compassionate grounds.
Preserved component
The preserved component can only be accessed by satisfying one of the conditions of release.
Generally, your preserved component is made up of:
- all superannuation contributions made after 1 July 1999 (including your own personal contributions);
- the preserved component of rolled over benefits; and
- investment returns.
Compulsory preserved component
You may have a compulsory preserved component if you exited from:
- the RBF Contributory Scheme; or
- the closed RBF Non-Contributory Scheme
before you reached preservation age. This means you will have an RBF Compulsory Preservation Account.
Restricted non-preserved component
If you joined an RBF scheme before 1 July 1999 and your employer paid superannuation contributions to RBF prior to that date your benefit may contain a restricted non-preserved component.
Any such restricted non-preserved component will become an unrestricted non-preserved component when you cease employment with the Tasmanian public sector.
When an RBF Contributory Scheme member with accrued Contributory Scheme benefits as at 30 June 1999 ceases employment with the Tasmanian public sector, the restricted non-preserved component of that member's Contributory Scheme benefits will become unrestricted non-preserved.
When a Tasmanian Accumulation Scheme member with an RBF Investment Account balance as at 30 June 1999 that is attributable to non-concessional contributions and investment returns as at 30 June 1999 ceases employment with the Tasmanian public sector, the restricted non-preserved component of that member's RBF Investment Account benefits become unrestricted non-preserved.
Restricted non-preserved benefits retain their character when rolled over until the member satisfies a condition of release for preserved benefits.
For example, if you roll a benefit over to RBF which accrued as a consequence of employment external to the Tasmanian public sector and that benefit contains a restricted non-preserved component, the restricted non-preserved component will continue to be classified as such until the cessation of that employment arrangement. If you subsequently cease employment with the Tasmanian public sector prior to reaching age 60, but remain in gainful employment, the rolled over benefit will retain its restricted non-preserved component. This is because the benefit does not relate to the period of employment with the Tasmanian public sector.
If you retire from employment with the Tasmanian public sector after reaching age 60 any restricted non-preserved component of your benefit will become unrestricted non-preserved.
Any restricted non-preserved component will also become unrestricted non-preserved when you satisfy a condition of release for preserved benefits.
Unrestricted non-preserved component
Usually, a preserved component of a benefit will be converted into an unrestricted non-preserved component because you have satisfied a condition of release.
Benefits that are classified as unrestricted non-preserved may be paid at anytime as the culmination of your retirement savings. This money can be used to fund your retirement.
RBF Membership Statements produced before 30 June 2009 reported an unrestricted non-preserved component that would have been available if you had resigned from your employment with the Tasmanian public sector with effect from that date. The actual unrestricted non-preserved component that was available to you as an ongoing Tasmanian public sector employee would have been much lower (if any). This reporting has led to confusion for some members.
The 2009 Membership Statement mailed to you in September 2009 reports the unrestricted non-preserved component of your benefit as at the date of the statement (if any).
Before making any financial decision based on your ability to access any unrestricted non-preserved component, you should contact RBF to confirm the amount available to you, consider your circumstances, talk to a financial adviser and read any relevant RBF documentation.
The unrestricted non-preserved component of a benefit may be cashed in one or more of the following forms:
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