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Pensions & withdrawls

Pensions & Withdrawals

To pay benefits, a member must satisfy one of the conditions of release. As a trustee, you must:

  • ensure the member has met a condition of release before you release any funds
  • check that the governing rules of your fund allow it (trust deed)

It’s possible that a benefit may be payable under the super laws, but not under the rules of your SMSF. Some conditions of release restrict the form of benefit, for example, lump sum or pension, and amount of benefit that can be paid.

Common conditions of release

Early access to your super is illegal. Therefore, it is critical to check if member meets the condition of release. Here are some common types of condition of release:

The information below does not forms part of our advise. We provide general technical guidance to our clients, please contact us to find our for more information.

Retirement

IMPORTANT: Please consult your accountant before release any benefits to members

A member can access their super if they have reached their preservation age and retire, or if they are over 60 and cease employment.

Date of Birth

Preservation Age

Before 1 July 1960

55

From 1/07/1960 to 30/06/1961

56

From 01/07/1961 to 30/06/1962

57

From 01/07/1962 to 30/06/1963

58

From 01/07/1963 to 30/06/1964

59

From 01/07/1964

60

Retirement means you have ceased gainful employment either:

  • when you were 60 years old or over
  • before you turned 60 years old and you have reached your preservation age – the fund trustee must be satisfied you have no intention of becoming employed again in the future.

Turning 65

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SMSF SOLUTIONS AUS PTY LTD & THE BROOK HILLS TAX ACCOUNTANT PTY LTD AS PARTNERS FOR ARCH PARTNERS ABN 67 487 335 799; TAX AGENT REGISTRATION 26214880

General Advice Warning:

No Advice Express or Implied: The information presented on this website is of a general nature and has not been crafted to accommodate the specific objectives, financial situation, or individual needs of any particular investor. SMSF Solutions refrains from providing financial product advice or endorsing any financial products, either explicitly or implicitly. It is explicitly stated that SMSF Solutions neither recommends nor represents any financial product or service available through its platform, including those established for your SMSF upon becoming a client. 

Seek Professional Advice from a Financial Adviser: SMSF Solutions operates on a no-advice model and does not dispense financial, legal, or tax advice to clients. It is strongly advised that clients seek appropriate professional advice based on their personal circumstances. A licensed financial adviser can assess an individual’s situation and provide recommendations suitable to their financial needs. All information on the SMSF Solutions website is factual and general in nature, and therefore, reliance on it should be avoided. Trustees bear legal responsibility for all decisions made, even if advice is sought from a financial planner. While financial professionals can offer guidance and assistance, ultimate responsibility for the fund lies with the trustees.

ARCH PARTNERS and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging.