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Accessing your super
Superannuation is a tax-effective means of putting aside money during your working life for use in retirement. In order for your superannuation savings to remain tax effective into your retirement, they must remain in the superannuation system until you reach 'preservation age' as set by the Federal Government. There are a number of circumstances under which you are able to withdraw part or all of your superannuation holdings from AESuper. The ways in which you can access your superannuation are detailed below:
Please note that proof of your identity may be required before you can access your super money.
The age of normal retirement is based on the 'Preservation Age' as set by the Federal Government. The Preservation Age is being increased from age 55 to 60, over a five year period, as follows:
If you have reached your Preservation Age, you may withdraw all or part of your superannuation entitlements, provided you are no longer working more than 10 hours a week, and do not intend to become employed in the future. At age 65, you are able to withdraw all of your superannuation entitlements, regardless of your employment status. From 1 July 2007, there is no longer a compulsory exit age for super, which means you can leave any or all of your money in AESuper. In order for AESuper to process your normal retirement claim, you are required to complete the Benefit Payments Form* and return it along with certified proof of identity. If you are unsure of your full entitlements at normal retirement, you may obtain a benefit quote by contacting the Customer Service Centre on 1800 555 024. * The Benefit Payments Form is
available by contacting our Customer Service Centre. Specific
proof of identification requirements will be explained to you when
you call. 2. Departed Temporary Residents Non-residents of Australia (excluding New Zealanders**) have the option of accessing their superannuation benefits after they have permanently departed Australia. The process for claiming your money is: Step 1: Contact AESuper on 1800 555 024 for a Benefit Payments Form*. Our Customer Service staff can advise you of your account balance. Step 2: Complete the Benefit Payments Form* along with:
Step 3: Return the completed form to AESuper for processing. Our postal address is: Australian Enterprise Super Should you have any further queries please contact either the Australian Taxation Office or the Dept. of Immigration & Citizenship. **New Zealand citizens are not eligible to claim the balance of their Australian Superannuation benefits. Since 1973 Australia and New Zealand have an established 'Trans-Tasman Travel arrangement' whereby citizens of each country can live and work in the other country without need for a visa. * The Benefit Payments Form is available by contacting our Customer Service Centre on 1800 555 024. Specific proof of identification requirements will be explained to you when you call.
If you wish to transfer your account balance, or some of your super, to another super fund you will need to provide a transfer form with details and documents mandated by law, including proof of your identity. More information may be requested if you are transferring to a self managed super fund. A Transfer of Benefits Form is available by contacting our Customer Service Centre on 1800 555 024, or you can use the new standard transfer form available from all super funds and the ATO. This roll over will not be taxed, but will be subject to an exit fee.
Some contributions received before 1 July 1999 were not subject to Preservation, and are therefore not restricted by the Preservation Age as set out above. The portion of your superannuation holdings which is considered Non-Preserved would be detailed in your member statement sent to you at the end of each financial year. If you are unsure as to whether you have Non-Preserved funds available, you should contact the Customer Service Centre on 1800 555 024 for more information. Restricted Non-Preserved Funds can be withdrawn in many cases. To request your Restricted Non-Preserved funds, you must complete the Benefit Payments Form* and return it to us along with certified proof of your identity. * The Benefit Payments Form is available by contacting our Customer Service Centre on 1800 555 024. Specific proof of identification requirements will be explained to you when you call.
If you are experiencing difficulty in meeting day-to-day living expenses a Severe Financial Hardship payment is available. To qualify for this you must have been receiving Commonwealth Income Support Payments for a minimum of 26 consecutive weeks (a six month period), prior to making your claim. Commonwealth Income Support Payments include:
In order for AESuper to process a Severe Financial Hardship claim, you are required to complete the Benefit Payments Form* and return it to us along with the following documentation to support your claim:
You are able to make a Financial Hardship claim once in any 12 month period, and the maximum amount you can receive is $10,000. * The Benefit Payments Form is available by contacting our Customer Service Centre on 1800 555 024. Specific proof of identification requirements will be explained to you when you call.
The Australian Prudential Regulation Authority (APRA) has the jurisdiction to approve the release of superannuation savings on grounds specified by APRA. You can apply to APRA to have some or all of your superannuation benefits released to you in order to meet the following expenses:
To approve your application, APRA must be satisfied that you don't have the financial capacity to meet the expense and that medical treatment is not readily available through the public health system. You need to apply to APRA before contacting us about withdrawing your super. You can contact APRA on 1300 131 060 or visit the website at www.apra.gov.au. Once your application has been assessed, APRA will notify you in writing of their decision. To make a claim on Specified Grounds, you must send us the following:
* The Benefit Payments Form is available by contacting our Customer Service Centre on 1800 555 024. Specific proof of identification requirements will be explained to you when you call.
7. Total & Permanent Disablement In order for a Total &Permanent Disablement claim to be processed by AESuper you will need to contact the Customer Service Centre on 1800 555 024 to discuss your specific circumstances. We will help you understand the requirements of both AESuper and the insurer (if applicable) to ensure that your eligible claim is processed swiftly.
8. To pay excess contributions tax as instructed by the ATO If you receive contributions in excess of relevant limits, you may be required to pay an amount of excess contributions tax. This amount may be released from AESuper upon presentation of a release authority issued by the ATO. If you think this applies to you, contact the Customer Service Centre on 1800 555 024 to discuss your specific circumstances and how to proceed. To qualify for access under this circumstance, two registered medical practitioners have to certify (jointly or separately) that you suffer from an illness or injury that is likely to result in death within a 12 month period from date of certification. At least one of the medical practitioners needs to be a specialist in the area of your illness or injury and for each of the certificates (if more than one exists), the certification period must not have already ended. A Benefit Payments Form is available by contacting our Customer Service Centre on 1800 555 024. Specific proof of identification requirements will be explained to you when you call.
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