1.1.P.377 Preservation age
This definition applies to all payments.
'Preservation age' is the age at which an income support recipient may be able to gain access to preserved benefits held in superannuation or approved deposit funds, as defined in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994.
Access to benefits on reaching preservation age
To access preserved benefits on reaching preservation age, an income support recipient MUST:
- be retired from gainful employment, OR
- have reached age 65, OR
- be permanently incapacitated, OR
- be in severe financial hardship, OR
- obtain release on compassionate grounds, AND
- meet the conditions of the particular fund's governing rules.
Changes to preservation age
From 2015 to 2025, the preservation age will increase from 56 to 60 years for income support recipients born after 1 July 1960. The preservation age for income support recipients born after 30 June 1964 will be 60 years.
Act reference: Superannuation Industry (Supervision) Regulations 1994 regulation 6.01-'preservation age'
Policy reference: SS Guide 188.8.131.52 Overview of Superannuation