The Australian Government and RBF's governing rules will determine when and in what form you can be paid your super benefit.
By checking your date of birth, you can determine your own preservation age.
|Date of birth|
|Before 1 July 1960|
|1 July 1960 to 30 June 1961|
|1 July 1961 to 30 June 1962|
|1 July 1962 to 30 June 1963|
|1 July 1963 to 30 June 1964|
|1 July 1964 and onwards|
Your super benefit may contain one or more of the following preservation components:
The preserved component cannot be accessed as a cash lump sum until you have satisfied one of the conditions for the release of preserved super benefits. At this time all or part of the preserved component will be classified as unrestricted non-preserved.
Generally, for defined benefit members your preserved component is made up of:
- the employer financed component of your defined resignation or redundancy benefit (whichever the case requires); and
- the member financed component of your defined benefits accrued on and from 1 July 1999.
You may have a compulsory preserved component if you exited from:
- the Contributory Scheme; or
- the closed Non-Contributory Scheme;
before you reached preservation age. This means you will have a Contributory Scheme Compulsory Preservation Account (CPA).
If you joined an RBF scheme before 1 July 1999, your benefit may contain a restricted non-preserved component.
For members of RBF’s defined benefit schemes your restricted non-preserved benefits are:
- for resignation, the cashable component of your resignation benefit calculated as at 30 June 1999; and
- for redundancy, the cashable component of your redundancy benefit calculated as at 30 June 1999.
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
Super benefits must remain within the super system until you reach your preservation age and retire from the workforce or satisfy a condition of release.
The retirement condition of release is satisfied where:
- you have attained your preservation age but you are less than 60 and you have ceased to be gainfully employed and RBF is reasonably satisfied that you intend never to again become gainfully employed on a full-time or part-time basis; or
- either you were 60 on or before you ceased employment, or RBF is reasonably satisfied that you intend never to again become gainfully employed on a full-time or part-time basis.
Other conditions of release include:
- retire permanently from the workforce because you have a permanent incapacity; or
- retire on the grounds of terminal illness; or
- die; or
- satisfy certain compassionate grounds or financial hardship criteria as specified by legislation and where Scheme rules allow; or
- leave your employer and your total benefit is under $200 (and you are not a temporary resident).