When can I start an Account-Based Pension (ABP)?

Generally speaking, a condition of release with a nil cashing restriction must have been satisfied by the member after reaching their preservation age before they can commence an ABP from their SMSF.

A member’s preservation age is between 55 and 60, depending on when they were born (members born before 1 July 1960 have a preservation age of 55, whereas members born after 30 June 1964 have a preservation age of 60).

For example, a member may commence an ABP once they have retired (for the purposes of the superannuation law) after reaching their preservation age, or once they have attained the age of 65.

Date of Birth	Preservation Age
Before 1 July 1960	55 years
Between 1 July 1960 and 30 June 1961	56 years
Between 1 July 1961 and 30 June 1962	57 years
Between 1 July 1962 and 30 June 1963	58 years
Between 1 July 1963 and 30 June 1964	59 years
After 30 June 1964	60 years