Claiming Superannuation requires you to meet a superannuation condition of release.
A superannuation condition of release unlocks part or all of your preserved superannuation benefits and provides you with the ability to withdraw your savings in the form of a lump sum, income stream or a combination of both.
To be honest, ‘claiming superannuation’ is probably not the correct terminology. You don’t really claim it. Your superannuation is and always will be yours. This of it as a bank account or investment portfolio that you own but are unable to withdraw from until you meet certain conditions.
How to Claim Superannuation – Conditions
There are dozens of superannuation conditions of release. The most common forms of claiming your superannuation are:
- Reaching Age 65
- Permanent Retirement after reaching your Preservation Age
- Ceasing an Employment Arrangement after age 60
- Reaching your Preservation Age, yet continuing to work (limited access)
- Financial Hardship
- Total and Permanent Disability
- Passing Away
There are many more legislated conditions of release here.
How to Claim Superannuation – Practical
Listed above are the conditions that need to be met to access your superannuation, but what do you actually need to do for these benefits to be paid to your account?
Before I go any further, it is essential that you are confident you have met a condition of release before accessing your benefits. There are severe penalties for early access. Please consult an adviser of your superannuation provider to discuss this further.
Every superannuation fund will have a different process; however generally, if you are looking to claim some or all of your superannuation as a lump sum, you will need to complete a ‘Withdrawal Form’. This form can usually be found on your superannuation fund’s website under a ‘forms and publications’ section.
If you are wanting to use your accumulated superannuation balance to commence an income stream, you should first read the Product Disclosure Statement (PDS) of the relevant pension account. This can be found on the website of your superannuation provider – also under ‘forms and publications’. This PDS will explain the steps necessary to commence an income stream and may even have the application form attached to the rear of the PDS.
If you need help on how to claim your superannuation savings, don’t hesitate to contact your superannuation provider. The people on the help line are eager to help with your questions and will have access to specific information regarding your account. In most cases you don’t even need to know your account number. If you tell them your name and date of birth (and often some other personal detail), they are able to look up your account.
If you would like anything clarified or have any further questions about How to Claim Superannuation or any other topics, please do not hesitate to leave a comment in the section below.