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Preservation and accessing your benefits

Super is a long-term investment for your retirement, which is why access to your super before you have reached your preservation age (i.e. 55 years for those born before 1 July 1960) and permanently retire is generally limited. The Government’s intention for restricting access is that your super savings are used in your retirement years and not before.

Your super benefit with Maritime Super can comprise the following categories:

  • Preserved benefit - this benefit must remain in the super system and can generally only be accessed when you permanently retire on or after reaching your preservation age.
  • Restricted non-preserved benefit - you can generally access this benefit when you cease working for the employer who has contributed to your Maritime Super account on your behalf or you satisfy a ‘condition of release’.Members of the Contributory Accumulation and Accumulation categories of the Seafarers division must also have permanently left the seafaring industry (except where they are accessing some or all of this benefit if they are terminally ill, suffering financial hardship or on compassionate grounds or are accessing their restricted non-preserved benefit rolled in from another super fund).
  • Unrestricted non-preserved benefit - you can generally access this benefit at anytime. Members of the Contributory Accumulation and Accumulation categories of the Seafarers division must also have permanently left the seafaring industry (except where they are accessing some or all of this benefit if they are terminally ill, suffering financial hardship or on compassionate grounds or are accessing their unrestricted non-preserved benefit rolled in from another super fund)

Since 1 July 1999, all contributions made to a super fund and investment earnings accruing from that date, must be preserved and remain in the super fund to which they are made or rolled over to another super fund.

When can I access preserved and restricted non-preserved benefits?

Under super law your preserved and restricted non-preserved benefits must remain in the super system and can only be cashed when you satisfy one or more of the following ‘conditions of release’:

  • you have reached 65 years of age – regardless of whether you are working or not
  • you cease employment on or after age 60 – (and permanently cease working in the seafaring industry in the case of Accumulation and Contributory Accumulation members)
  • you reach your preservation age and permanently retire from the workforce
  • you reach your preservation age and purchase a non-commutable income stream (pension or annuity), for example, a Maritime Super Working Income Support Pension (WISP)
  • you are permanently incapacitated
  • you are diagnosed with a terminal illness
  • you die
  • you meet the eligibility requirements for the early release of your benefits on the grounds of severe financial hardship (subject to Trustee approval)
  • you meet the criteria for the early release of your benefits on specified compassionate grounds (subject to the Australia Prudential Regulation Authority’s (APRA’s) approval)1
  • you are a temporary resident on a temporary resident visa which has expired or been cancelled and you have permanently departed Australia for overseas
  • you cease working for the employer who has contributed to your Maritime Super account (or permanently ceased employment in the seafaring industry in the case of Accumulation and Contributory Accumulation members), and your preserved benefit in Maritime Super is less than $200; or
  • you were ’lost’ and later ‘found’ and your benefit in Maritime Super is less than $200.

If you a member of the Contributory Accumulation or Accumulation categories in the Seafarers division, you must also cease working in the seafaring industry to access your preserved and restricted non-preserved benefits accrued in Maritime Super (except where they are accessing some or all of this benefit if they are terminally ill, suffering financial hardship or on compassionate grounds).

You can also access any Income Protection or Salary Continuance benefit in the event of temporary incapacity.

Your super can also be split if you separate or divorce or your opposite or same-sex de facto relationship breaks down in a State where property division for de facto couples is governed by the Family Law Act.

What is your preservation age?

PRESERVATION AGES

For persons born: Your retirement age is:
Before 1 July 1960 55 years
1 July 1960 – 30 June 1961 56 years
1 July 1961 – 30 June 1962 57 years
1 July 1962 – 30 June 1963 58 years
1 July 1963 – 30 June 1964 59 years
On or after 1 July 1964 60 years

What is permanent retirement?

Permanent retirement means you have terminated gainful employment and the Trustee is reasonably satisfied that you never again intend to be gainfully employed for 10 or more hours a week.

Transition to Retirement

There are also provisions in the legislation for people who have reached their preservation age to access their super in the form of regular pension payments without having to permanently retire from the workforce or leave the maritime industry. This type of pension is known as a ‘transition to retirement pension’ and Maritime Super offers one called the Working Income Support Pension (WISP).