Restricted non-preserved benefits
These type of benefits can generally not be cashed. They usually originate from employment-related contributions made after 1st July 1999. If a member meets specific conditions of release, or where the employer who initially made the contributions is terminated individuals may be able to cash in these benefits.
Unrestricted non-preserved benefits
The only type of benefits that may be paid on demand are unrestricted non-preserved benefits. If a member of a super fund has previously met conditions of release and later decided to keep the money in their super fund, this would qualify as an example.
Conditions of release
It’s important to note that some conditions of release, dependant on the individual circumstances, their preservation age and the super fund’s own regulations, may restrict the form in which you can received the benefit. For example, you may have to draw out a lump sum rather than receive payment as a pension.
Although the information around superannuation and preservation age restrictions may seem daunting, don’t be overwhelmed. If you’re confused about how this applies to your situation, or you need further clarification on anything to do with your superannuation, our office is only a phone call away.