Withdrawing your benefit

There are a number of ways you can withdraw your super in retirement. How you access your money will depend on your specific circumstances. We can help you find what option is right for you.

Looking to withdraw your super? It’s easy.

You can access your superannuation benefits in full when you reach your preservation age and permanently retire from the workforce.

There are a number of ways in which you can access your super.

Take a CPI indexed pension plus a lump sum*

You receive a CPI indexed pension, plus a lump sum* of your member and productivity components.

Take a CPI indexed pension and a non-indexed pension

You receive a CPI indexed pension and must choose how you wish to receive your member and productivity components – either in full as a non-indexed pension or as both a non-indexed pension (paid from your member component only) and a lump sum* amount (paid from your productivity component only). Please note: the amount of non-indexed pension you can receive may be capped, depending on how you claim your benefit. Any excess amount will be refunded to you as a lump sum.

Postpone all or some of your CSS benefit

You can elect to postpone your whole benefit for payment at a later date, as long as you have not permanently retired from the workforce. You can also choose to take your member component as a lump sum*or as a non-indexed pension, with your remaining benefit postponed for payment at a later date.

Take a lump sum* only

You may receive your entire CSS benefit as a lump sum amount; to elect this option you must be an ex-Provident Account member and retire at or after age 60.

*The Superannuation Industry (Supervision) Regulations 1994 determine how much of your lump sum benefit can be accessed as cash.

Be aware, if you intend to retire at your minimum retirement age (usually 55 for most members), you may receive a higher CSS pension benefit if you resign and preserve your benefit at least two calendar days before you reach your minimum retiring age (known as 54/11). Please contact us or use the i-estimator to compare your options.

If you have reached:

  • your preservation age and permanently retired from the workforce; or
  • age 60 and cease gainful employment on or after that age; or
  • age 65

You can access your entire lump sum benefit as cash. However, if you have not met any of the above conditions, your access to a cash lump sum will be restricted. The amount that can be accessed as cash - your 'unrestricted component' - will vary depending on your situation, and is shown in your benefit estimate. Any part of the lump sum exceeding the unrestricted component is classed as 'compulsory preserved' and must be paid to a regulated super fund.

For more information you should read the CSS Product Disclosure Statement and consider seeking personal financial advice.

Contact us on 1300 000 277 if you have any questions or if you are within 12 months of retirement to receive an estimate of your benefits.

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