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preservation of superANNUATION
Generally, money in a superannuation fund is ‘preserved’ until you attain preservation age and meet a condition of release (such as retiring from the workforce). Preservation age is currently between age 55 and 60, depending on your date of birth.
Conditions of release that may apply prior to preservation age include permanent incapacity, terminal illness and death. Other conditions of release that may apply prior to preservation age – including temporary incapacity, compassionate grounds, and severe financial hardship have “cashing restrictions” attached to them – which either limits the amount that can be paid to you or compels the fund to release benefits in the form of a pension rather than lump sum.