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.

Please select your scheme so we can display the right information for you:

Select a scheme
  • ADF Super
  • CSCri
  • CSS
  • DFRDB
  • MilitarySuper
  • PSS
  • PSSap
I don't know my scheme

Relevant content will appear after you select a scheme above.

We're still finalising content for CSCri on this page.
For now, please see the CSCri Product Disclosure Statement.

What you should know up front

Before making any decisions, please read your Product Disclosure Statement (PDS) and consider seeking advice from a licensed professional such as a financial planner.

How is my super benefit calculated?

Your PSSap account is valued and declared in units. Your contributions whether made by you or your employer, less any tax that may apply, are used to buy units in PSSap. Each time you or your employer contributes, you buy more units. It’s similar to buying shares in a company.

The value of the units you hold is based on the ‘sell’ price of those units in the respective investment option(s) that applies to you.

Generally, the unit price for a particular day is declared on the next business day and will fluctuate in line with investment earnings. When you withdraw your super from PSSap, you will be cashing in, or redeeming, your units, at the applicable daily unit price on the day your application is processed.

How do I claim my super benefit?

You can download a Benefit application form, or if you're unable to download the form you can contact us and we'll send you a copy.

Once we receive your valid withdrawal request, we'll process your request using the unit price applicable to your investment option/s on the business day that the request is processed.

When can I claim my super benefit?

The PSSap Rules and the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) set out the conditions of release that must be satisfied before your super benefits can be claimed. Generally, you must have reached your preservation age before you can claim your superannuation benefit. However, this is not always the case and you should consider seeking professional advice to properly understand your options based on your personal circumstances.

Your PSSap benefit may consist of up to three components:

  • a preserved benefit – you must meet a condition of release in order to cash all or part of this benefit
  • a restricted non–preserved benefit – this benefit  will generally stem from employment-related contributions, other than employer contributions, made before 1 July 1999. Such benefits can't be cashed until you have met a condition of release specific to those benefits, or when you terminate gainful employment from your relevant employer. 
  • an unrestricted non–preserved benefit – this benefit can be cashed out at any time.

Preserved and restricted non–preserved benefits

You can withdraw your super benefit*:

  • when you permanently leave the workforce on or after age 60
  • if you retire on or after your preservation age as set out in Table 1
  • if we have approved your invalidity retirement and certified that you are entitled to receive invalidity benefits under PSSap
  • if you suffer severe financial hardship or are eligible on compassionate grounds as determined by the Regulator
  • if you leave the APS and your PSSap super account balance is $200 or less.

If you are a temporary resident or former temporary resident, you can withdraw your super benefit:

  • if you have permanently left Australia after having been a temporary resident on a specified class of visa
  • if you become permanently or temporarily incapacitated
  • if you develop a terminal illness.

* Note: These lists are not exhaustive. Other conditions of release may apply to you.

Unrestricted non–preserved benefits

Certain benefits, which are not subject to preservation, may be withdrawn at any time. These benefits may consist of benefits in relation to which you have previously satisfied a condition of release, or unrestricted non–preserved amounts you transferred into PSSap.

 

Table 1 - Preservation age

For persons Period Age
Born before 1/7/1960 55
Born between 1/7/1960 to 30/6/1961 56
Born between 1/7/1961 to 30/6/1962 57
Born between 1/7/1962 to 30/6/1963 58
Born between 1/7/1963 to 30/6/1964 59
Born after 30/6/1964 60

Compulsory payment of super benefits

If we are required to abide by a superannuation agreement or a court order under the Family Law Act 1975, part or all of your benefit may be paid from PSSap.

We must also distribute your benefits when you die.

Is there a fee for withdrawing?

There are no fees for withdrawing funds from your PSSap account.

What is retirement?

If your preservation age is less than 60 and you reach that preservation age, you are taken to have retired if:

  • an arrangement under which you were gainfully employed has finished

    and

  • we are reasonably satisfied that you intend never again to become gainfully employed, either on a full–time or part–time basis.

If you have attained the age of 60, you will be taken to have retired if an arrangement under which you were gainfully employed has finished and either:

  • you attained that age on or before the ending of that employment arrangement;  or
  • we are reasonably satisfied that you intend never again to become gainfully employed, either on a full-time or part-time basis. 

Are my super benefits payable if I am retrenched, I resign or I am dismissed?

Retrenchment, resignation or dismissal alone will not satisfy a condition of release. However your circumstances may otherwise satisfy a condition of release. For example, if you are retrenched after attaining the age of 60, you may qualify to have your super balance released under the 'retirement' condition of release. 

I'm a former temporary resident, can I transfer my funds?

If you are a former temporary resident who accumulated superannuation while working, you can apply to have your super funds transferred to your overseas bank account. To do this, you will need to fill in the Application for a departing Australian superannuation payment form, available from the ATO website

Please do not use the Withdrawing your Super form to initiate this process.

Can I get my super benefits for emergencies?

You may qualify for early access to your super benefits on two grounds: financial hardship or specified compassionate grounds.

Financial hardship

You can apply for a financial hardship benefit release under two different circumstances:

Circumstance 1

If you have not reached your preservation age, or you have reached your preservation age and are gainfully employed (you are working more than 10 hours a week) Commonwealth Superannuation Corporation (CSC) may decide (but is not required) to release part of your benefits if it is satisfied on written evidence from a Commonwealth department that you:

  • have received a relevant Commonwealth income support payment (such as Centrelink, Department of Veterans’ Affairs or a Commonwealth Community Development Employment Projects organisation) for a continuous period of 26 weeks. You must still be receiving this payment at the date of providing the written evidence and
  • are unable to meet reasonable and immediate family living expenses.

In those circumstances, legislation states that CSC can only pay you a single gross lump sum of no more than $10,000 and no less than $1,000 (or a lesser amount if the amount in your personal accumulation account is less than $1,000). Only one payment is permitted in a twelve–month period.

Circumstance 2

If you have reached your preservation age and are no longer gainfully employed (you are not working more than 10 hours a week) CSC may decide (but is not required) to release your benefit under financial hardship grounds if it is satisfied on written evidence from a Commonwealth department that you:

  • have reached your preservation age plus 39 weeks and
  • have received a relevant Commonwealth income support payment (such as Centrelink or Department of Veteran’s Affairs) for a cumulative period of 39 weeks after reaching your preservation age.

In this circumstance there is no restriction on what we can pay you up to your account balance.

Compassionate grounds

In very limited circumstances you can apply for the early release of your super on compassionate grounds through the Australian Taxation Office (ATO). These conditions are set out in the SIS Act and cover expenses related to a serious medical condition or to prevent the forced sale of your home by your mortgagee.

The ATO is required to consider and approve any request to release super on compassionate grounds and any withdrawal request sent to PSSap must include notification of ATO approval. Once we have this information we will advise which benefits we can and cannot release to you.

How is my PSSap super benefit paid?

If you have met a condition of release (outlined earlier), you choose whether you take your benefit as a lump sum amount or convert your super balance into an income stream or pension.

A lump sum benefit will also be paid on death or invalidity.

If you have income protection cover through your super account and you successfully claim, you may also receive an income stream for the period stipulated.

How will my lump sum be taxed?

See the Tax and your PSSap super booklet available on the PSSap website for the most up to date information on how your super will be taxed.

How do I convert my lump sum to an income stream or pension?

You can choose to convert some or all of your super balance to an account based income stream via Commonwealth Superannuation Corporation retirement income (CSCri). CSCri enables members to receive their super savings as either a:

  • transition to retirement income stream or
  • standard retirement income stream.

It also allows you to stay within the government superannuation environment once you stop working with the flexibility to call on lump sums if and when you need them.

for more information visit:

Can I transfer my super benefit over to another super fund?

You can transfer your PSSap super to another complying fund at any time. The amount you transfer is up to you, but if you wish to remain a PSSap member you must leave a $6000 minimum balance in your PSSap super account.

If making a partial withdrawal and the requested amount will leave an insufficient remaining balance, we will pay the lesser amount to ensure the minimum balance is maintained.

Before you do decide to transfer your PSSap to another super fund, it is important that you consider any future implications (for example, you may not be eligible for CSCri once you have transferred your PSSap account to another fund).

 
Making the moves that count

Financial planning

Step by step advice to help you get to your financial goals

Read more about Helping you plan your financial future

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.

1

54/11 Option

If you choose to resign at least two calendar days before your 55th birthday*, and apply for your CSS retirement benefit, your benefit will be calculated differently than if you wait until after you turn 55 to retire. This is commonly known as the 54/11 option.

Read more about 54/11 Option

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.

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