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Preservation age is the age at which a person may be able to gain access to preserved benefits held in approved deposit funds, deferred annuities and superannuation. For most people, the preservation age is currently 55.
To access preserved benefits on reaching preservation age, a person must:
- be retired from gainful employment;
- have reached age 55;
- be permanently incapacitated;
- be in severe financial hardship; or
- obtain release on compassionate grounds.
The person must also meet the conditions of the particular fund's governing rules.
From 2015 to 2025, the preservation age will gradually increase to sixty years for people born after 1 July 1960. The preservation age for people born after 30 June 1964 will be sixty years.
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