1.1.C.280 Compulsorily preserved superannuation benefits (CPSB)
This definition applies to all payments.
CPSB are superannuation benefits to which income support recipients are denied access until retirement after age 55 UNLESS:
- severe financial hardship (1.1.S.120) exists, or
- other conditions are met, such as permanent incapacity.
Explanation: The provision first appeared in the Occupational Superannuation Standards Act, since replaced by the Superannuation Industry (Supervision) Act 1993.
Policy reference: SS Guide 220.127.116.11 Early Release of Superannuation