Early access to super applications

If your application through myGov for an early release payment is approved by the ATO, they will send you a confirmation and notify Media Super. We will generally process your payment within five business days. Read the full details about timing and info to check before applying.

Choosing a retirement income option

How you choose to receive your super during retirement can have a big impact on your finances and lifestyle. Consider your options to make a choice that's right for your needs and circumstances.

Choosing a retirement income option

Retirement income options

When you retire, you can choose to have your super paid out to you in a lump sum payment, or open a pension account where, instead of withdrawing everything at once, you receive regular payments much like a normal income.

Lump sum payment

A lump sum payment is where you withdraw the balance of your super and chip away at it over time. How you manage that money is your choice.

However, if you take out a lump sum payment, that money is no longer considered to be super. So if you invest that money, earnings on any investments will not be taxed as super, and may need to be declared in your tax return. This could result in a higher personal tax liability.

Pension account

Instead of taking your super out in one lump sum payment, you can choose to open a pension account.

In a pension account, the money in your super remains invested while you draw regular, smaller amounts from the account as income to fund your basic needs and lifestyle.

Media Super offers two types of pension accounts, a Pension account for when you’re fully retired and a Transition to Retirement (TTR) account if you’re still working.

How does a retirement pension work?

When you roll all or some of your superannuation into a pension account, it works in much the same way as your super account – you can invest to suit your circumstances and you pay the same fees, but investment earnings are tax free. And instead of contributions going into your account, you will take money out of your account in the form of pension payments (known as 'drawing down'). This is also called an income stream.

Benefits of a Media Super pension

There are a range of benefits to choosing a retirement pension option with Media Super:

No start-up cost

We don’t charge a fee to start a Pension. Just fill out the application.

Competitive fees

The fees on pension accounts are the same competitive fees that apply to your super account.

Investment options

You can choose from our large range of our investment options to suit your needs.

Flexible payment frequency

You can receive your pension payment monthly, quarterly, half-yearly or annually, to suit your needs.

Online access

Managing your pension account online is easy, it’s simple to use and gives you secure access to your account anytime.

Who's eligible for a Media Super retirement pension?

The Retirement Pension is designed for people who have fully retired.

To start a Retirement Pension with Media Super, you must have at least $10,000 of super money to invest, and:

  • have reached your preservation age and are fully retired, or
  • have retired due to Total and Permanent Disablement (TPD) or permanent incapacity, or
  • be aged 60 or more and have left employment, or
  • be aged 65 or over.

Opening a pension account

Opening a pension account with Media Super is simple. You'll need to complete an application form and provide certified proof of identity, and we'll take care of the rest.

Learn more about opening a pension account

Talk to a financial planner

If you are approaching preservation age or want to start planning for your retirement, you may benefit from seeing a financial planner for advice.

If you're a Media Super member, you're entitled to an initial one hour, face-to-face consultation with a Media Super Financial Planner, at no cost to you and without any obligation.

Find a financial planner

Tax considerations

There are a range of factors to consider regarding taxation when considering which retirement income option is right for you. We can help you make sense of it all.

Learn more about tax considerations