Deferred members

Commonwealth conditions of release

Commonwealth provisions generally require part of your superannuation benefit to be preserved (kept in the superannuation system) until you satisfy one of the following conditions of release:

you cease employment from age 60 onwards
you retire from the workforce at or after your preservation age
you reach age 65, even if you continue to work
you suffer from a terminal medical condition
you become permanently incapacitated or die
you meet the criteria for 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 an SSS benefit (from age 55), but they may result in a part of your benefit accruing within 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?