Exempting superannuation investments 108-05070030

Superannuation Fund

Additional information

APSS (Australia Post Superannuation Scheme)

The member savings account can be accessed once the customer turns 65, even if they are still employed with Australia Post.

However, the post-financed benefit amount remains inaccessible if the customer turns 65, even if they are still employed with Australia Post.

Care Super

The superannuation investment can be accessed once the customer turns 65.

The restricted component can be accessed after preservation age if the customer ceases to be employed with the Care Super employer.

Commonwealth Superannuation Corporation (CSC)

The Commonwealth Superannuation Corporation provides superannuation services and products to the Commonwealth Government employees and employers through nine Schemes:

• Commonwealth Superannuation Scheme (CSS)
• Military Super
• Public Sector Superannuation Scheme (PSS)
• Public Sector Superannuation Scheme Accumulation Plan (PSSap)
• DFRDB Scheme
• DFRB Scheme
• 1922 Scheme
• PNG Scheme
• DFSPB

PSS and CSS

Both the PSS and CSS are defined benefit schemes and a customer cannot access any part of their investment with either of these schemes until they have ceased contributory membership and have permanently retired from the workforce.

This applies even if the statement lists an amount as non-preserved unrestricted.

PSSap

The PSSap is an accumulation scheme and is accessible once a customer turns 65.

Emergency Services & State Super (ESS Super) (Victoria)

An investment in the ESSSuper Defined Benefit Fund is accessible at age 65 only if the member chooses to leave the fund while still working with the VIC public sector or they retire from their employment.

An investment in the Accumulation Plan is accessible at age 65 even if the member is still working.

GESB (Government Employees Superannuation Board) (Western Australia (WA))

From 8 July 2008, a customer with superannuation investments with GESB could have investments in either Gold State Super, West State Super or GESB Super. It is also possible that the customer will have a combination of these investments.

Investments in either West State Super or GESB Super are accessible once the customer reaches 65 years of age, even if the customer is still employed in the WA Public Sector.

GESB has changed the format of their super statements to list the components, i.e. preserved, non-preserved restricted, non-preserved unrestricted, but only for statements issued for reporting periods after 30 June 2008.

Investments in Gold State Super are not accessible if the customer is still employed in the WA Public Sector.

National Australia Bank Superannuation Fund

A customer cannot access their superannuation investment if they are still employed with the National Australia Bank.

News Super (News Limited)

A customer cannot access their superannuation investment if they are still gainfully employed with News Limited.

PSS (Public Sector Superannuation Scheme)

See Commonwealth Superannuation Corporation above.

QANTAS Superannuation Plan

A customer cannot access their superannuation investment if they are still gainfully employed with QANTAS.

Q Super

Most statements from QSuper do not refer to the terms preserved, restricted/non-preserved or unrestricted/non-preserved. Instead QSuper uses the following terms:

• Available cash now - unrestricted/non-preserved
• Available on leaving employment - restricted/non-preserved
• Available on permanent retirement - preserved

From 13 September 2007, customers who have turned 65 can access their investment in their accumulation account.

No access is available at 65 to the QSuper defined benefit scheme if the customer is still employed with the Queensland Government.

• If a superannuation investment has a non-preserved, unrestricted amount, the investment is accessible and an exemption cannot be granted. However, with QSuper, the Department of Social Services (DSS) have advised that the defined benefits account and the accumulation account are to be treated as separate investments and an exemption for the defined benefit account can be granted even if the accumulation account is accessible.

Queensland Lutheran Secondary Schools Superannuation Plan

A customer cannot access their superannuation investment if they have not ceased employment.

RBFTAS (Retirement Benefit Fund Tasmania)

RBF Contributory Scheme

A customer who is still employed with the Tasmanian Government cannot access any part of their superannuation investment, which is held in the Contributory Scheme.

RBF Compulsory Preservation Account (Previously referred to as the RBF Retained Account)

Any investments in the RBF Compulsory Preservation Account cannot be accessed prior to retirement.

RBF Investment Account

Accessible at age 65.

RBF Tasmanian Accumulation Scheme

Any investments in the RBF Tasmanian Accumulation Scheme are accessible once the customer turns 65. This scheme includes the RBF-TAS SG Account and the RBF Investment Account.

SASS NSW (State Authorities Superannuation Scheme)

The superannuation investment can be accessed once the customer turns 65 even if the customer is still employed in the NSW Public Sector but only if they choose to leave the Scheme.

At age 70, a member must exit the scheme and therefore, the benefit would be accessible.

Sisters of Mercy Staff Superannuation Scheme

A customer cannot access their superannuation investment if they have not ceased employment.

Super SA

Changes were made to Super SA Select and Triple S fund withdrawal arrangements from 30 November 2022. Customers aged 65 and over are now able to make partial withdrawals from their superannuation while still employed as a SA Government employee. Refer to Super SA for conditions of release. This does not apply to the Lump Sum Scheme as access to the total balance continues to be restricted

Tasplan Super

A customer over 65 can access their superannuation investment unless they are receiving mandated contributions.

Triple S - managed by Super SA

Changes were made to Triple S withdrawal arrangements from 30 November 2022. Customers aged 65 and over are now able to make partial withdrawals from their superannuation while still employed as a SA Government employee. Refer to Super SA for conditions of release.

Westpac Staff Superannuation Accumulation Plan

A customer cannot withdraw their benefits until they cease gainful employment with the bank.

Westscheme

The superannuation investment can be accessed once the customer turns 65.

However, benefits accrued after age 65 are not accessible until retirement.