Once you have started your pension, there may be times when you need extra money to cover unexpected or unplanned expenses.
Retirement Pension members are able to make lump sum withdrawals in addition to their nominated payment amount.
Transition to Retirement Pension
As Transition to Retirement pension members are still accumulating super by working, they can only make lump sum withdrawals if they meet one of the standard superannuation Conditions of release.
- reaching age 65
- retiring permanently on, or after, your preservation age
- reaching age 60 and leaving employment
- becoming totally and permanently disabled or permanently incapacitated
- being diagnosed with a terminal medical condition
- being required to pay a Contributions Surcharge or superannuation-related tax liability; or
- if you are to give effect to a payment split under family law.
How do I make a withdrawal?
You can make a partial or full withdrawal, if eligible, using the Request for full/partial withdrawal form.
Depending on your circumstances, you may be eligible to make partial lump sum withdrawals via your online account.
Retirement Pension members can make partial lump sum withdrawals online at any time. Transition to Retirement Pension members will need to complete the preservation declaration of the above linked pension withdrawal form or provide further additional documentation under certain circumstances before you are eligible to access your funds.
Payments will be made, after tax is deducted (if applicable), by cheque or EFT to your nominated bank account.
Members under the age of 60 should be aware that there may be tax implications for making additional lump sum withdrawals.
Note: Different conditions apply to withdrawals from the LifetimePlus investment option. In particular, if a full or partial withdrawal is made from your LifetimePlus investment, a withdrawal deduction and an exit fee will be charged to your account in respect of such withdrawal. For further information, please refer to the LifetimePlus Product Disclosure Statement.