What are preservation requirements? - BUSSQ

What are preservation requirements?

Your benefits in BUSSQ are classified as: Preserved, Restricted non-preserved, and Unrestricted non-preserved. The following is a summary of what benefits are covered by each classification.

  • Preservation  - From 1 July 1999 all contributions paid into a super fund are classified as preserved, including the investment earnings credited to your member account on those contributions. You can access preserved benefits subject to specific cashing restrictions in certain cases as outlined below. All preserved benefits transferred between BUSSQ and other super funds will continue to be preserved benefits. Eligible spouse contributions are also preserved.

  • Restricted non-preserved - Access to these benefits is restricted in the same way as preserved benefits. However, if you or your employer (if applicable) made a contribution on your behalf prior to 1 July 1999 and you cease working for that employer, then these benefits may become unrestricted non-preserved benefits and be able to be accessed.

  • Unrestricted non-preserved - These benefits may be accessed at any time without a change in employment status.

An exit fee is applicable for every withdrawal that is not a retirement benefit. 

Once you have reached preservation age you may:

  • Leave your money in your BUSSQ account
  • Take draw downs from your account when you need them
  • Transfer to a BUSSQ Pension account
  • Take a lump sum.

Preservation Age

If you were born

You can access

your super at age

Before 1 July 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

From 1 July 1964

60