Your superannuation benefit may contain one or more of the following preservation components:
The preserved component can only be accessed by satisfying one of the conditions of release.
Generally, your preserved component is made up of:
- all superannuation contributions made after 1 July 1999 (including your own personal contributions)
- the preserved component of rolled over benefits; and
- investment returns.
You may have a compulsory preserved component if you exited from:
- the Contributory Scheme, or
- the closed RBF Non-Contributory Scheme
before you reached preservation age. This means you will have an Contributory Scheme CPA.
If you joined an RBF scheme before 1 July 1999 and your employer paid superannuation contributions to RBF prior to that date, your benefit may contain a restricted non-preserved component.
Any such restricted non-preserved component will become an unrestricted non-preserved component when you cease employment with the Tasmanian public sector.
If you retire from employment with the Tasmanian public sector after reaching age 60, any restricted non-preserved component of your benefit will become unrestricted non-preserved.
Any restricted non-preserved component will also become unrestricted non-preserved when you satisfy a condition of release for preserved benefits.
Benefits that are classified as unrestricted non-preserved may be paid at any time.
Conditions of release
Generally all superannuation benefits must be preserved within the superannuation system until you reach your preservation age and retire from the workforce unless you are eligible to apply for the early release of preserved and restricted non-preserved benefits on the grounds of compassionate and/or severe financial hardship. Preserved benefits can also be released on the grounds of total and permanent incapacity and terminal illness.
For more information follow the Quick Links or call the RBF Enquiry Line on 1800 622 631.