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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 and superannuation.
From 2015 to 2025, the preservation age will gradually increase to sixty years for people born after 1 July 1960. Specifically:
|For a person born...||preservation age is...|
|before 1 July 1960||55 years old|
|during the year 1 July 1960 to 30 June 1961||56 years old|
|during the year 1 July 1961 to 30 June 1962||57 years old|
|during the year 1 July 1962 to 30 June 1963||58 years old|
|during the year 1 July 1963 to 30 June 1964||59 years old|
|after 30 June 1964||60 years old.|
To access preserved benefits on reaching preservation age, an income support recipient must also satisfy one of the following:
- be retired from gainful employment;
- have reached age 65;
- 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.
Legislative reference: Regulation 6.01 Supernnuation Industry (Supervision) Regulations 1994
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