If age 60 opens the door to superannuation, age 65 removes the door altogether. For members of a self-managed super fund, turning 65 is the point at which access to super becomes unconditional: no retirement declaration, no ceasing of employment, and no work test are required to get at your savings. That single change simplifies a great deal, and it triggers several automatic shifts in how an SMSF pension operates. At the same time, 65 is not the end of the contribution story — money can still flow into super for another decade. Understanding what 65 changes, and what it leaves unchanged, helps SMSF trustees manage the retirement phase with confidence and avoid unnecessary complexity.

 

Unconditional access at 65

Before 65, accessing super generally depends on meeting a condition of release tied to preservation age (now 60) and work status — permanently retiring, or ceasing an employment arrangement after 60. At 65, those conditions no longer apply. Reaching 65 is itself a full condition of release with a nil cashing restriction. A member can start an account-based pension, take lump sums, or draw their super in full even if they are still working. This is the defining feature of the age-65 milestone: work status becomes irrelevant to super access.

 

A TRIS converts to retirement phase automatically

For members who started a transition to retirement income stream (TRIS) while still working, 65 delivers an automatic upgrade. A pre-retirement TRIS has its Earnings taxed at 15%, because it is not in the retirement phase. When the member reaches 65, the TRIS automatically moves to the retirement phase — no separate application or full retirement is needed.

That conversion changes three things at once. The earnings on the supporting Assets become Exempt Current Pension Income taxed at 0%, the income stream begins counting towards the transfer balance cap, and the maximum payment limit of 10% falls away, leaving only a minimum drawdown. For a member who has been running a TRIS purely because they had not yet met another condition of release, 65 resolves the position automatically and delivers the tax-free earnings environment.

 

The minimum drawdown rises to 5% from 65

The retirement phase carries a minimum annual pension payment, calculated as a percentage of the Account Balance at 1 July. That percentage steps up with age. Under 65, the minimum is 4%. From 65 to 74, it rises to 5%. It continues to increase later in life — 6% from 75, and higher again in the 80s and beyond.

The practical effect at 65 is that a member must draw a little more from their pension each year than they did under 65. On a $1 million pension balance, the minimum moves from $40,000 to $50,000 a year. These are minimums, not maximums; a member can draw more. But the higher floor matters, because failing to pay the minimum in a year can mean the pension is treated as not being in retirement phase for the whole year, costing the fund its 0% ECPI exemption and taxing those earnings at 15% instead.

 

Contributions can still be made up to age 75

Reaching 65 does not switch off the ability to contribute. Members can generally keep making contributions well beyond 65. Non-concessional and salary-sacrifice contributions require no work test at all between 67 and 74, and personal deductible contributions in that band require the work test. Voluntary contributions can generally be accepted up to 28 days after the end of the month in which a member turns 75. Downsizer contributions of up to $300,000 per person remain available from age 55. So a 65-year-old with room under the caps and, where relevant, an appropriate total super balance, can continue building super for years — subject to the 2026–27 caps of $32,500 concessional and $130,000 non-concessional. Because you cannot add contributions to an existing pension, any new money goes to an accumulation account and can later start a further pension.

 

The transfer balance cap still applies

Unconditional access does not remove the limit on the tax-free retirement phase. The transfer balance cap caps how much a person can move into retirement phase across all their super. It was $2 million in 2025–26 and was indexed to $2.1 million from 1 July 2026. When a TRIS converts to retirement phase at 65, the transferred amount counts against the member’s personal cap, so members with large balances need to check they have room. Someone who already used part of their cap in an earlier year may have a lower personal cap due to proportional indexation.

 

Worked example (hypothetical)

Consider Colin, a hypothetical SMSF member who has run a TRIS since 60 while working part-time. On his 65th birthday, the TRIS automatically converts to the retirement phase. From that point, the earnings on the assets backing it are taxed at 0% rather than 15%, and the amount counts towards his transfer balance cap. His minimum pension for the year is now calculated at 5% of his 1 July balance rather than 4%. Colin also keeps working two days a week and continues to make non-concessional contributions to his accumulation account, which he can later use to start a second pension. This example is illustrative only and not personal advice.

 

Key Takeaway

At 65, super access becomes unconditional — no retirement or work test is needed. A transition to retirement income stream automatically converts to the retirement phase, shifting earnings from 15% to 0% tax and counting towards the transfer balance cap ($2.1 million from 1 July 2026). The minimum pension drawdown rises from 4% to 5%, and missing it risks the fund’s ECPI exemption. Contributions can still be made, generally up to 28 days after the month a member turns 75, subject to the 2026–27 caps.