1.1.P.377 Preservation age

Usage

This definition applies to all payments.

Definition

'Preservation age' is the age at which an income support recipient may be able to gain access to preserved benefits held in approved deposit funds, deferred annuities and superannuation. For most income support recipients, the preservation age is currently 55.

Access to benefits on reaching preservation age

To access preserved benefits on reaching preservation age, an income support recipient MUST:

• be retired from gainful employment, or
• have reached age 65, or
• be permanently incapacitated, or
• be in severe financial hardship, or
• obtain release on compassionate grounds, and
• meet the conditions of the particular fund's governing rules.

Changes to preservation age

From 2015 to 2025, the preservation age will gradually increase from 56 to 60 years for income support recipients born after 1 July 1960. The preservation age for income support recipients born after 30 June 1964 will be 60 years.

Policy reference: SS Guide 4.8.1.10 Overview of Superannuation

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Last reviewed: 6 December 2010