1.1.C.280 Compulsorily preserved superannuation benefits (CPSB)

Usage

This definition applies to all payments.

Definition

CPSB are superannuation benefits to which income support recipients are denied access until retirement after age 55 UNLESS:

• severe financial hardship (1.1.S.120) exists, or
• other conditions are met, such as permanent incapacity.

Explanation: The provision first appeared in the Occupational Superannuation Standards Act, since replaced by the Superannuation Industry (Supervision) Act 1993.

Policy reference: SS Guide 4.8.2.20 Early Release of Superannuation

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Last reviewed: 6 December 2010