Commonwealth conditions of release
For members of PSS, the below conditions of release only apply to your SANCS entitlement which includes the Basic Benefit, Additional Employer Contributions (AEC), Commonwealth Government co-contributions and Low Income Superannuation Contribution (LISC) amounts.
Commonwealth provisions generally require part of your superannuation benefit to be preserved (kept in the superannuation system) until you:
- cease employment from the age of 60
- retire from the workforce at or after your preservation age
- reach the age of 65, even if you continue to work
- suffer from a terminal medical condition
- become permanently incapacitated or die
- meet the criteria for part of the benefit to be released on financial hardship or specified compassionate grounds.
Payment standards and normal retirement age
It is important to understand that the Commonwealth provisions do not affect the age at which you are entitled to a PSS benefit (from age 55), but they may result in a part of your benefit accruing in a superannuation account and being paid to you later when you have satisfied a condition of release.
Please refer to STC Fact Sheet 5: Retiring or resigning? What you need to know for payment of your benefit for more information about the conditions of release.
The preservation age of a fund member is defined in the table below. You will see that it increases gradually from age 55 and 60, for those born after June 1960.
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 years |
| Between 1 July 1960 and 30 June 1961 | 56 years |
| Between 1 July 1961 and 30 June 1962 | 57 years |
| Between 1 July 1962 and 30 June 1963 | 58 years |
| Between 1 July 1963 and 30 June 1964 | 59 years |
| After 30 June 1964 | 60 years |
Preservation rules at different ages
- If you have reached your preservation age, but are under 60 years of age, retirement means you have ceased work permanently.
- After you reach 60 years of age, you can access your preserved benefit when you cease employment.
- At age 65, you can access all of your benefit, whether or not you have ceased employment or retired.
For more information about your preservation age, refer to STC Fact Sheet 4: When can I be paid my superannuation benefits?