Pursuant to Item 101 of Schedule 1 to the Superannuation Industry
(Supervision) Regulations 1994 a person aged 55 (if 55 is his
preservation age) can withdraw his lump sum from his super fund
without any cashing restrictions if he retires.
Subregulation 6(7) defines retirement for this purpose the situation
where the person intends never to again become gainfully employed,
either on a full time or a part time basis.
Part Time is defined by reg 6 to mean gainfully employed for at least
10 hours, and less than 30 hours, each week.
So, if the persons only employment is less than 10 hours a week he is
deemed to have retired he can withdraw his lump sum without any
cashing restrictions.
Comments please on this group.
