You can usually access your super as a lump sum or pension (or a combination of both) when you either:
- permanently retire after reaching your preservation age;
- reach age 60 and then either stop working or change jobs; or
- turn 65 (even if you are still working).
Super, your preservation age and retirement
Once you reach your preservation age, you can choose to continue working but still access some of your superannuation as pension income payments by opening a Brighter Super Transition to Retirement Pension account. You cannot access lump-sum withdrawals from a Transition to Retirement Pension account.
Our Considering retirement information sheet tells you more.
You can also retire and access your super as you need it. A Brighter Super Pension account provides you with a regular retirement income, paid directly to your bank account, as well as the flexibility to take lump-sum withdrawals. Find out more in the relevant Product Disclosure Statement.
Non-preserved benefits
Some super contributions and investment earnings may be accessible before you reach your preservation age, if they were made before 1 July 1999. These are known as ‘non-preserved benefits’ and are shown on your Annual Statement as either:
- unrestricted non-preserved amounts that can be accessed at any time; or
- restricted non-preserved amounts that can be accessed when you leave your employer.
If you have non-preserved benefits and would like to access them, please call us on 1800 444 396.
Release of super in special circumstances
As superannuation is designed to support you financially during retirement, there are strict rules around releasing your money early. However, in limited circumstances you may be able to access your preserved superannuation as a lump sum before you reach your preservation age or retire.
If any of the following conditions apply to you, please contact us to discuss your options.
Temporary residents leaving Australia permanently
If you entered Australia on an eligible temporary resident visa (excluding visa subclasses 405 and 410), have since left Australia, and meet the eligibility requirements, you could claim a Departing Australia Superannuation Payment (DASP).
Find out more on the Australian Taxation Office (ATO) website or in our Temporary residents leaving Australia information sheet.
Severe financial hardship
If you are in severe financial hardship and are unable to meet reasonable and immediate family living costs, you can apply to Brighter Super to have all or part of your super released.
The eligibility criteria depends on your age.
- If you are under your preservation age plus 39 weeks, you must have received an Australian Government income support payment for a minimum period of 26 continuous weeks and you must be able to show you cannot meet reasonable and immediate family living expenses.
- If you have already reached your preservation age, you must have received an eligible income support payment for at least 39 weeks (cumulative) since reaching your preservation age.
If you believe you can meet the eligibility criteria, you will need to complete a Brighter Super Financial hardship application form.
To support your claim, you will need to provide your Centrelink Reference Number (CRN). This will allow us to confirm through Services Australia – Centrelink eServices – that you have met relevant income support requirements.
Your request to claim a benefit for severe financial hardship will usually be processed within 5 to 7 working days once all complete and correct information is received.
Members are unable to access their preserved benefits due to severe financial hardship unless they have held a Brighter Super account for at least two years.
Compassionate grounds
If you do not qualify for financial hardship, you may be eligible to apply for early release of superannuation on compassionate grounds. Compassionate claims are assessed by the ATO.
You can apply to have your super released on compassionate grounds if you need the money to:
- Pay for medical treatment for you or a dependant.
- Pay for palliative care for you or your dependant.
- Make payment on a loan or council rates to prevent you from losing your home.
- Modify your home or vehicle for the special needs of you or a dependant because of severe disability.
- Pay for expenses associated with a death, funeral or burial.
To find out if you are eligible and what documentation is needed to support your application, visit the Australian Taxation Office (ATO) website.
If you meet the eligibility requirements and have the supporting documentation, you’ll need to apply to the ATO through your MyGov account. If you haven’t registered for MyGov or are unable to apply online, contact the ATO for other options.
If the ATO approves your application, they will send you a letter. As soon as you receive this letter you should promptly apply directly to us to have your funds released as per the ATO’s instructions. To do this, please post the original letter to Brighter Super along with your completed Benefit withdrawal form and proof of identity.
Total and permanent disability
You may be eligible to claim your super if you are unable to work because you have suffered from an illness or injury. Find out more in our Insurance guide or call us on 1800 444 396.
Terminal illness
If you are diagnosed with a terminal medical condition that is likely to result in your death within the next 24 months, you may be able to access your super early. However, insurance benefits for terminal illness are restricted to those with a medical condition that is likely to result in death within the next 12 months. Find out more in our Insurance guide.
Death
Upon your death, your super is paid to your dependants or nominated beneficiaries in line with Brighter Super’s trust deed. Find out more in our Death Benefits information sheet.
Saving for a first home
The First Home Super Saver (FHSS) Scheme lets you use your Brighter Super account to help grow a house deposit. Under the scheme, you can contribute up to $50,000 to super and later withdraw the contributions to put towards the deposit on a home. Find out more on the ATO website.
