Establishment and ongoing administration of pensions
Self managed superannuation funds, or SMSFs, provide their members with a number of benefits such as low tax rates, control over assets, and flexibility when considering income streams.
Preservation age
You can usually only access your superannuation or annuity pension once you have reached preservation age, which depends upon when you were born.
| Date of birth | Preservation age |
| Before 1 July 1960 | 55 |
| 1 July 1960 to 30 June 1961 | 56 |
| 1 July 1961 to 30 June 1962 | 57 |
| 1 July 1962 to 30 June 1963 | 58 |
| 1 July 1963 to 30 June 1964 | 59 |
| After 30 June 1964 | 60 |
Transition to retirement pensions
Once you reach preservation age, but whilst you are still working, your SMSF funds can be accessed before retirement but only as an income stream rather than as a lump sum.
Conditions of release for receiving your full pension
To start receiving your full superannuation pension you must satisfy one of the following conditions of release, provided the fund's rules allow it:
- retirement
- attaining age 65 or more
- your benefits are less than $200
- terminating gainful employment
- terminal medical condition
- permanent incapacity
- temporary incapacity
- compassionate grounds
- severe financial hardship
- release of benefits under an ATO release authority.
Transfer pension fund for overseas residents Many overseas residents look for a transfer pension fund for their overseas pension. Guidance from a financial professional is imperative in this situation.
For professional advice on establishing or administering a super pension, call Gateway Financial Partners on 3226 1800 or complete our contact form.
Definitions
- Superannuation pension
- Super pension
- Annuity pension
- Retirement pensions
- Transfer pension fund
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