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10 Superannuation

Withdrawing from Super

Benefit Payment Standards

The other major conditions of release that may enable a person to access superannuation savings after an event has occurred include:

  • Death;
  • Terminal medical condition;
  • Permanent incapacity;
  • Termination of gainful employment with the employer-sponsor of the fund (and where the account balance is under $200);
  • Severe financial hardship;
  • Compassionate grounds;
  • Temporary incapacity;
  • Permanent departure from Australia by certain temporary residents;
  • Lost member benefits under $200; and
  • The First Home Super Saver Scheme (FHSSS).

Many of these conditions of release have strict conditions that must be met for payment to be made. There are taxation implications where a super payment is made to a member under the age of 60.

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