Withdrawing your super

How you withdraw your super in retirement will depend on your specific circumstances. We can help you find the right option for your situation.

Fund rules differ

Select your fund to view the details

Select fund
  • CSS
  • DFRDB
  • MilitarySuper
  • PSS
I don't know my scheme

Looking to withdraw your super? It’s easy. 

To claim and withdraw your MilitarySuper benefit, please fill out a benefit application form. Your form will outline your eligibility conditions and provide instructions.

When must I complete my application?

Within three months, either side, of your discharge or retirement date.

What is the standard processing time?

Our standard processing time is 10–15 business days from the later of;

  • the date we receive your completed application; or
  • date of discharge; or
  • the date of claim you have indicated on the form.

Payment information

  • Payment can only be made to a bank account in Australia.
  • The nominated account must be in your name (it may be a joint account).
  • Pension paydays are the alternate Thursday to Defence paydays.
  • Pension deductions are limited to tax, Medicare and child support.
  • Your first pension increase will relate to the six month CPI period in which you commence your pension. Your increase will depend on the number of months you were receiving a pension during this time. The first month we count is the first month in which you received a pension for at least half of that month.

Daily unit price

  • Any amount paid out of MilitarySuper will be determined based on the daily unit price applying on the later of the day after you discharge and the day after your completed application (with all required information for processing) is received.
  • Please check daily unit prices when you submit your benefit application.

Retirement benefit options—on of after attaining 55 years of age.

Preserve your whole benefit

You can preserve your whole benefit in MilitarySuper and take your employer benefit later as either a lump sum, an indexed pension or a combination of both (see below). Your member and ancillary benefits can only be paid as a lump sum.

Please note you must claim your preserved benefit no later than age 65.

While your benefit is preserved, your member, funded employer and ancillary benefits are subject to investment earnings which can be positive or negative, while your employer-financed component is adjusted annually in line with increases in CPI.

Convert your employer benefit to a pension

Depending on your circumstances at retirement you may be able to convert at least half, or up to all, of your employer benefit to a lifetime indexed pension. The balance of your employer benefit that isn’t converted to pension can’t remain in the fund and will be paid as a lump sum. This lump sum will be subject to cashing restrictions.

Claim as lump sum

You may claim a single lump sum of your member, ancillary and/or employer benefits.

Please note, this lump sum will be subject to cashing restrictions meaning some or all may not be able to be paid as cash and will need to be rolled over.

Annual pension entitlement

Your annual pension entitlement is calculated by dividing the amount of employer benefit you wish to convert by your pension conversion factor, which is based on your age in years and days on the day you claim your benefit.

The below table shows the pension conversion factor for various ages (in whole years).

Age Pension conversion factor
55 12
56 11.8
57 11.6
58 11.4
59 11.2
60 11
61 10.8
62 10.6
63 10.4
64 10.2
65 10

Where your age is not an exact number of years

We pro rata the pension conversion factor between the one that applies to your age on your last birthday, and the one that applies to your age on your next birthday.

The pension conversion factor is calculated in accordance with the following formula:

F       (0.2 X Y)
       D
  • F is the factor for the exact number of years of your current age from the table
  • Y is the number of days since your last birthday
  • D is the number of days in the year
Joe’s example

Joe is 55 years and 112 days old. His pension conversion factor is calculated as:

12       0.2 x 112 = 11.93863
      365
Anna’s example

Anna is 56 years and 314 days old. Her pension conversion factor is calculated as:

11.8       0.2 x 314 = 11.62795
      365

 

 

If you are a preserved member

You can claim your entire preserved benefit, subject to cashing restrictions*, once you have reached age 55.

To claim your preserved benefit, contact us and we’ll send you a benefit estimate and a benefit application form for you to complete and return to us.

* Some or all of your lump sum benefit may only be rolled over to another super fund until you meet a condition of release such as reaching preservation age and retiring.

Retirement benefit options—on of after attaining 55 years of age.

Claim as lump sum

You may receive a once-only lump sum of your preserved benefit. This lump sum is subject to cashing restrictions.

Convert your employer benefit to a pension

You can convert at least half of your preserved employer benefit to an indexed pension. The balance of your employer benefit that isn’t converted to pension can’t remain in the fund and will be paid as a lump sum. This lump sum will be subject to cashing restrictions.

Fund rules differ

Select your fund to view the details

Select fund
  • CSS
  • DFRDB
  • MilitarySuper
  • PSS
I don't know my scheme
1

Retirement on reaching preservation age

Take a lump sum with no pension

You may receive a once-only lump sum of your three benefit components. Please note if you are under the age of 60 you must be permanently retired from the workforce to claim this option.

Convert your benefit to a pension

Depending on your circumstances at claim you may be able to convert a minimum of half, or up to all, of your PSS defined benefit to a lifetime indexed pension. Any amount not converted to pension will be paid as a lump sum.

Your annual pension entitlement is calculated by dividing the amount of PSS defined benefit you wish to convert by your pension conversion factor, which is based on your age in years and days on the day you claim your benefit.

The below table shows the pension conversion factor for your age (in whole years).

Age Pension Conversion Factor
55 12
56 11.8
57 11.6
58 11.4
59 11.2
60 11
61 10.8
62 10.6
63 10.4
64 10.2
65 10
66 9.8
67 9.6
68 9.4
69 9.2
70 9

Where your age is less than 55 at claim

The factors for ages less than 55 are 12.0 increased by 0.2 for each whole year the age is less than 55.

Where your age is over 70 at claim

The factors for ages over 70 are 9.0 decreased by 0.2 for each whole year the age is over 70.

Where your age is not in full years

We pro-rata the pension conversion factor between the one that applies to your last birthday, and the one that applies to your next birthday. The pension conversion factor is calculated in accordance with the following formula:

F –  (0.2 × Y) 
D

  • F is the factor for the whole years of age from the table
  • Y is the number of days since the last birthday
  • D is the number of days in the year following the last birthday

Henry's example

Henry is 58 years and 150 days. His pension conversion factor is calculated as

 

11.4    (0.2 × 150)   = 11.31781
365

 

Susan's example

Susan is 55 and 314 days. Her pension conversion factor is calculated as

12 –    (0.2 × 314)   = 11.82795
365

Preserve your whole benefit

You can preserve your whole benefit in PSS and take it later as either a lump sum, an indexed pension or a combination of both. If you subsequently join another eligible superannuation scheme, you may be able to transfer your benefit to that scheme. Please note, you must claim your preserved benefit no later than age 65.

While any part of your benefit is preserved, your member and productivity components attract scheme investment earnings, while your employer-financed component is adjusted annually in line with CPI movements.

Choose partial preservation

You may take a lump sum of less than the full amount of your PSS benefit and preserve the balance in the scheme. But if you do this you will not be able to take the balance as pension. If you are under the age of 60 and not permanently retired from the workforce, your lump sum will be restricted to your SIS upper limit. Please note you must claim your remaining preserved benefit no later than age 65.

While any part of your benefit is preserved, your member and productivity components attract scheme investment earnings, while your employer-financed component is adjusted annually in line with CPI movements.

Retirement before reaching preservation age

Preserve your whole benefit

You can preserve your whole benefit in PSS for payment at a later date. You can then claim your preserved benefit and roll it over to another fund, provided you have retired permanently. Please note, you must claim your preserved benefit no later than age 65.

Choose partial preservation (available to members who joined PSS before 1 July 1999 only)

You may take a lump sum of up to your SIS upper limit (zero if you joined after 30 June 1999) and preserve the balance in PSS for payment at a later date; you will not be able to convert any part of your remaining balance to a PSS pension. Please note, you must claim your remaining preserved benefit no later than age 65.

Take a lump sum and pension (available to members who joined PSS before 1 July 1999 only)

You may take a lump of up to your SIS upper limit (zero if you joined after 30 June 1999) and, if the balance is 50% or more of your total benefit, convert it to a pension. Please note, you must be permanently retired from the workforce to claim this option.

Take a pension only

You may take your whole benefit as an indexed pension. Please note, you must be permanently retired from the workforce to claim this option.

If you are a preserved member

You can apply for your entire preserved benefit from the earliest of the following dates:

  • On reaching your minimum retirement age (generally age 55), provided you are regarded as having permanently retired from the workforce; or
  • On reaching age 60 and ceasing gainful employment on or after that age; or
  • when you reach age 65.

To claim your preserved benefit, you will need to contact us. We will send you a benefit estimate and a benefit application form for you to complete and return to us.

Take a lump sum with no pension

You may receive a once-only lump sum of your preserved benefit components. 

Convert your lump sum to a pension

If you have not previously accessed any of your preserved defined benefit you can convert (i.e. exchange) a minimum of half of your lump sum to an indexed pension. If you decide to convert less than your total lump sum to an indexed pension, your balance is paid to you as a lump sum.

More information is available in our Preserved Benefit factsheet.