A statutory event that allows a superannuation member to access their preserved super - most commonly reaching preservation age and retiring, or reaching age 65 regardless of work status.
Set out in Schedule 1 of the SIS Regulations. Until a condition is met, member balances (including SMSF property equity) are preserved. This is what makes the 0% SMSF-pension tax rate "real" - but also what locks the equity for working-age investors.