Accessing your super

Super account

Because super is a long term investment, strict rules apply in relation to how and when you can access your money. You'll only have access to your super when you have met a condition of release which is when you:

reach age 65;

resign from your employer or change an employment arrangement on or after age 60;

reach preservation age and have either permanently retired or do not intend to be gainfully employed on a part time or full time basis (see the 'Preservation age' section below for more information);

reach preservation age and start a TTR (see below for the Preservation Age table);

become permanently incapacitated. (Note that the definition of Total and Permanent Disability (TPD) under your insurance cover (where applicable) is different from the legislative definition of permanent incapacity. Therefore in some circumstances you may satisfy one definition and not the other. Please see the 'Insurance in your Super' section for more information on TPD;

become temporarily incapacitated (allowing payment of an income stream, subject to restrictions). Temporary incapacity means where you have ceased to be gainfully employed due to ill-health (whether physical or mental) but does not constitute permanent incapacity;

are diagnosed with a terminal medical condition;

die;

have been given a release authority or transitional release authority to pay excess contributions tax to the ATO;

obtain approval from the Department of Human Services (DHS) on the basis of 'compassionate grounds' as defined in superannuation law. This may be considered to cover specific expenses related to a serious medical condition or to prevent the forced sale of your home by your mortgagee, or in other circumstances. To find out more information please go to dhs.gov.au;

satisfy severe financial hardship conditions, - If you are having difficulty meeting reasonable and immediate family living expenses and are receiving Commonwealth income support payments you may qualify for the early release of your super. To find out all the requirements and apply to have your super released you will need to download the Severe Financial Hardship form. Simply log on to ing.com.au, select 'My Super Finances' and then 'downloads and links';

are a lost member who is found and the value of your benefit, when released, is less than $200;

are a former resident of Australia who has moved permanently to New Zealand and you have nominated a provider of a KiwiSaver Scheme for the transfer of your super; or

held a temporary resident's visa which has expired and you've permanently departed Australia.

To find out what evidence you will need and how to apply for the early release of your super on the grounds of being permanently incapacitated, temporarily incapacitated or for having a terminal medical condition, you will need to contact ING on 133 464.

Before you make any withdrawal request you should check any tax or social security limitations and implications that may apply.

Refer to the 'How super is taxed' section in this Product Guide for further information on how these benefits are taxed.

You will need to provide certified proof of identification prior to accessing your super.

In addition to the above, in certain circumstances there may be monetary limits on the amount of money you can access from your super even if you satisfy one of the conditions of release.

Preservation Age

Your preservation age is between 55 and 60 depending on your date of birth. Your preservation age can be determined using the following table.

Preservation age

Transition to Retirement account

A Transition to Retirement (TTR) account allows you to receive an income stream once you have reached your preservation age, while still working and contributing to superannuation. It enables you to draw down income payments subject to minimum and maximum income payments each year, as prescribed by the Government. Lump sum withdrawals are not allowed unless you are age 65 or older or have met another condition of release (listed in the 'Super account' section above). The maximum income limit for the first financial year is 10% of the purchase price at commencement and in subsequent financial years is 10% of the account balance each 1 July. The maximum limit is imposed until you permanently retire, leave an employment arrangement between the ages of 60 and 65 or you reach age 65 and if the income stream commences part way through the financial year, the maximum limit for that first year is not proportionately reduced based on the number of days remaining in the financial year.
The minimum level of income that must be taken from your TTR account each year is calculated as described in the 'Minimum pension income' section below.

There may be tax implications on pension payments made from your TTR account. Refer to the 'How super is taxed' section in this Product Guide for further information.

Pension account

Your minimum income payment is calculated based on your age using the percentages in the table below. Your minimum payment is calculated by applying the relevant age-based percentage, for the first financial year to your initial investment and in subsequent financial years to your account balance on 1 July. If you commence your income stream part way through a financial year, the minimum payment limit for that year will be reduced on a pro-rata basis.

The below table illustrates the minimum pension factors that apply

Minimum pension income

You will be informed of your new minimum limit at the start of each financial year. If you do not request an alteration, you will continue to receive the same payments at the same frequency as the previous year (adjusted to satisfy the Government limit, if required).