Benefits accrue in your member account within your Fund over time, comprising contributions and rollovers received, together with investment earnings and the proceeds of any insurance policies.
The law prescribes that benefits may only be paid when a ‘condition of release’ is met. The conditions required for release will depend on the ‘preservation status’ of your benefit.
If you satisfy a condition of release, you have a choice to take the benefits as a “Lump Sum” or a Pension. There are various rules around when and how much you can take as a Pension with the potential of commencing a “Transition to Retirement Pension” at age 55 without the need to fully retire.