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.
If you are a contributing member
Your age retirement options depend on:
- if you retire on reaching your preservation age
- if you retire before reaching your preservation age.
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
You may convert a minimum of half, and up to all, of your PSS benefit to a lifetime indexed pension. Any amount not converted to pension will be paid as a lump sum, subject to cashing restrictions. Your annual pension entitlement is calculated by dividing the amount of PSS benefit you wish to convert by your Pension Conversion Factor, which is based on your age in years and days.
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 |
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 to 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 accessed any of your preserved defined benefit previously, 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.