Condition of Release
Unrestricted non-preserved component of your member benefits in your SMSF can be accessed without any condition of release. You can check your unrestricted non-preserved benefits in your member statements prepared by iCare Super.
To access other member benefits, you must satisfy one of the condition of release. The typical condition of release for particular SMSF member is listed as below:
- has reached preservation age and fully retired, or
- has reached preservation age and set up a transition to retirement pension, or
- has attained the age of 60 and ceased one employment arrangement, or
- has reached 65 years old, or
- has passed away.
There are some other condition of release but not common, these definitions and requirements can be found by clicking the links as below:
- terminating gainful employment
- permanent incapacity
- temporary incapacity
- severe financial hardship
- compassionate grounds
- terminal medical condition
Before you access your member benefits, we strongly recommend consulting with your SMSF administrators and ensure the condition of release has been met.