Access your Super

On satisfying a condition of release, generally on your ‘retirement’, you can access your superannuation as a pension, lump sum or combination to provide you with an income in retirement.

Pensions

Eligibility

You can apply for a pension to be paid to you provided you meet any of the following eligibility requirements: 

You can apply for a pension to be paid to you provided you meet any of the following eligibility requirements: 
  • You have attained age 65, or 
  • You have attained age 56 and you have retired from the workforce, or 
  • You have attained age 56 and elect to receive a pension under transition to retirement rules. 

Transition to retirement

Under Transition to retirement rules you cannot request lump sum withdrawals and the total pension payment per year cannot exceed 10% of your pension account balance at the start of that financial year.
 
Transition to retirement rules are designed to allow members access to their superannuation while reducing working hours. The rules may also provide benefits for eligible members continuing to work full time by allowing extra contributions to be made and qualifying for tax savings on investment earnings that are available when your superannuation is paying you a pension.

Pension – key features

  • You can choose to convert some or all of your superannuation balance into a pension. 
  • You can select the frequency and level of pension payments that you require (subject to limits set by the Government). 
  • There are no additional fees for converting to a pension. 
  • You continue to have access to all investment options available under the Plan and you can switch between options at no cost as your needs change. 
  • The investment earnings attributable to your pension balance will not be taxed and your portion of franking credits will be refunded to your pension account. 
  • If you have retired, you can generally access some or all of your pension balance as a lump sum at any time. 
  • You can also choose to stop your pension at any time.

Lump Sum payments

If you have retired or attained age 65, you can generally access some or all of your member balance as a lump sum at any time. 

Lump sum vs. pension 

Accessing your super as a pension often produces a better overall result compared to taking a lump sum because of the tax savings on fund investment returns over time.

Further information

Refer to the publication taxation of superannuation for information on how withdrawals from superannuation are taxed.
 
 
 
 
 
 
 
 



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