02 9683 5999A lot of people refer to 55 being the age that a Transition to Retirement Pension(TRAP) or Account Based Pension is able to be started, this is not exactly the case.
It is actually the Preservation Age that is important, it just so happens that 55 has been the universal preservation age for the last 10 years.
This is about to change, from 1 July 2015 those who turn 55 post 30 June 2015 will be subject to an increasing preservation age based on their date of birth.
From 1 July 2015 preservation age will increase to 56 and continue incrementally until the age of 60 in 2024 where it will stay indefinitely.
Below is a table that details the correlation between date of birth and the increasing preservation age.
| Date of Birth | Preservation | Earliest Release Date |
| Before 1 July 1960 | 55 | Rules Unchanged |
| 1 July 1960 to 30 June 1961 | 56 | From 1 July 2016 |
| 1 July 1961 to 30 June 1962 | 57 | From 1 July 2018 |
| 1 July 1962 to 30 June 1963 | 58 | From 1 July 2020 |
| 1 July 1963 to 30 June 1964 | 59 | From 1 July 2022 |
| After 30 June 1964 | 60 | From 1 July 2024 |
Here are some common examples that may be similar to your own set of circumstances.
Example 1: Person born 26 June 1960
The client is able to start a pension at any time after turning 55 on the 26 June 2015 (55th birthday).
| Date of Birth | Preservation | Earliest Release Date |
| Before 1 July 1960 | 55 | Rules Unchanged |
Example 2: Person born 15 October 1960
The client turns 55 post 30 June 2015 thus his preservation age based on DOB is 56 and can start a pension at anytime after 15 October 2016 (56th Birthday).
| Date of Birth | Preservation | Earliest Release Date |
| 1 July 1960 to 30 June 1961 | 56 | From 1 July 2016 |
Example 3: Person born 3 March 1963
The client turns 55 post 30 June 2015 thus his preservation age based on DOB is 58 and can start a pension at anytime after 3 March 2021 (58th Birthday).
| Date of Birth | Preservation | Earliest Release Date |
| 1 July 1962 to 30 June 1963 | 58 | From 1 July 2020 |
