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Age retirement and superannuation

Myth  : I cannot retire until I'm 65

Fact : There is currently no compulsory retirement age.  A teacher is eligible to take age retirement at any time after reaching 55 years of age.

However, you should note that the age at which lump sum superannuation benefits may be accessed has incrementally increased to age 60, in line with the following:

Born before 1 July 1960                         

Age 55

1July 1960 – 30 June 1961

Age 56

1 July 1961 – 30 June 1962

Age 57

1 July 1962 – 30 June 1963

Age 58

1 July 1963 – 30 June 1964

Age 59

Born after 1 July 1964

Age 60

 

[Information updated 16 June 2014]