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Generally all superannuation benefits must be preserved within the superannuation system until you reach your preservation age and retire from the workforce. There are also a number of other circumstances that may allow access to superannuation savings. These are called conditions of release.
In certain circumstances, you may also apply for early release of the preserved and restricted non-preserved components of your superannuation benefit on compassionate grounds or on the grounds of severe financial hardship.
Generally, you will access your preserved benefits once you satisfy a condition of release.
| Condition |
Age of member |
Rule |
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Retirement
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Preservation age to 59
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- The member's gainful employment has come to an end; and
- RBF is reasonably satisfied that the member intends never to again become gainfully employed, either on a full-time or part-time basis.
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Retirement
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60 or more
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The member's gainful employment has come to an end and either of the following apply:
- The member attained age 60 on or before the employment ended; or
- RBF is reasonably satisfied that the member intends never to again become gainfully employed either on a full-time or a part-time basis.
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Retirement on the grounds of ill health
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All ages
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- RBF is satisfied that the member is eligible to receive such a benefit under the rules of the relevant RBF superannuation scheme.
- RBF must have regard to medical reports prepared by a medical practitioner appointed by the member as well as a medical practitioner appointed by the Board.
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Death
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All ages
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Evidence of the member's death is required
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Terminal illness
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All ages
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- The member must be eligible to receive such a benefit under the rules of the relevant RBF superannuation scheme.
- Two registered medical practitioners must certify that the member suffers from an illness, or has incurred an injury, that is likely to result in the death of the person within a 12 month period.
- At least one of the medical practitioners must be a specialist practising in an area related to the illness or injury suffered by the person.
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Attaining age 65
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65
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Only relevant to members of the Tasmanian Accumulation Scheme who do not retire before age 65.
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Where a condition of release is satisfied, any restricted non-preserved and preserved components of your benefit will become classified as unrestricted non-preserved.
Transition to Retirement
If you have reached your preservation age but have not yet ceased employment you may use all or part of the balance of your RBF-TAS SG Account or RBF Investment Account to purchase a Transition to Retirement income stream. Read more about Transition to Retirement or contact RBF directly by phoning 1800 622 631 to discuss your personal situation.
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