A: Graeme Colley from Super Concepts has provided the answer below. I don’t think you are going to like it……. You can, of course, still access part of your super under a transition to retirement plan.

 

“These rules work in an odd way as anyone under 60 only needs to have ceased work (irrespective of age) and that the trustee is satisfied the person intends not to work on a part-time or full-time basis (no more than 10 hours each week, see paragraph (a) below).  This would include anyone who may have been employed in their youth and ceased that work in their 20s for example.  The person would be retired if they were between preservation age and 60, and at the time of notifying the trustee they intended never to work more than 10 hours each week.  However, if the person is older than 60 then to qualify as retired they must have ceased any gainful employment after reaching age 60 and prior to 65 to be considered retired (see paragraph (b) below).

 

Here is an extract from the legislation for the definition of retirement:

 

(7)  For the purposes of Schedule 1, the retirement of a person is taken to occur:

(a)  in the case of a person who has reached a preservation age that is less than 60–if:

(i)  an arrangement under which the member was gainfully employed has come to an end; and

(ii)  the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full-time or a part-time basis; or

(b)  in the case of a person who has attained the age of 60–an arrangement under which the member was gainfully employed has come to an end, and either of the following circumstances apply:

(i)  the person attained that age on or before the ending of the employment; or

(ii)  the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full-time or a part-time basis.”