Super is a long-term investment for your retirement. So the government has rules about superannuation withdrawal. They're called conditions of release.
In some cases, you may be able to withdraw some or all of your super before retiring or turning 65.
Check your eligibility60+
If you retire or leave a job
65
Even if you haven't retired
Read the rules to access super before you apply to start using your savings.
Have you spoken to a financial adviser? What you do with your super can have a big impact on your future lifestyle. It may also affect any insurance you have in super.
Your membership includes financial advice to help you make decisions about:
Watch: How to transition from work to retirement
Learn ways to ease into retirement that let you work less while still growing your super.
There are different ways to use your super. You can set up regular payments, or make one-off withdrawals. Or both.
The quickest way to apply for a superannuation withdrawal is through Member Online.
Turn your super into regular payments using a retirement income stream. It’s a popular and tax-effective way to access your super.
You can open a Retirement Income account and/or Lifetime Pension by transferring some or all of your money from your Super Savings Accumulation account.
Then set up regular payments to your bank account.
Learn more about retirement income options
You can keep some or all of your super in your Super Savings Accumulation account and make withdrawals into your bank account. This is called a lump sum withdrawal.
You can take out as much as you have, whenever you need it.
There's also the option of opening a Retirement Income account and making withdrawals from there instead.
Make a withdrawal
Find out more about how super works in retirement and how our products work. Or see more FAQs.
Your preservation age – or access age – is the lowest age you can get your super. The government sets this age limit and it's generally age 60.
When you reach your preservation age and retire, you can usually withdraw your super or turn it into an income stream. If you want to keep working, you can start a Transition to Retirement account instead.
Keep in mind the preservation age for super is different to the government's Age Pension eligibility age.
| Date of birth | Age you can access your super |
|---|---|
| Before 1 July 1964 | You've already hit your access age |
| From 1 July 1964 | 60 |
Yes you can. If you stop working when you're 60 or older, you can use or withdraw your super. And if you decide to start working again, you can still access the super you'd built up before going back to work.
But you won't be able to use any contributions from your new employer until you leave that job.
Once you turn 65, you have full access to all your super.
When you change employers, make sure to send them your account details, so they can pay your super correctly.
It depends on whether you've retired or you're still working.
Before you start withdrawing your super, think about getting financial advice.
If you're 60 years old and not ready to retire yet, you could access some of your super while you’re still working. A way to do this is by opening a Transition to Retirement (TTR) Income account.
You can use a TTR Income account to reduce your work hours without reducing your income.
Or use it as part of a tax strategy, saving you tax while your savings continue to grow.
If you hold one of our Defined Benefit accounts, there are some things to think about before you withdraw your super when you're still working.
Please call us on 13 11 84 for information.
If you're 60 or over, you can use one of our retirement income products to get payments from your super without paying tax.
Investment earnings in our Retirement Income account are generally tax-free.
If you're under 60, the taxable portion of any income payments are taxed at your marginal tax rate (plus Medicare levy).
Learn more about how super is taxed.
Yes, lump sum withdrawals and payments from your super can impact any Centrelink benefits.
Making small changes to your super can affect Age Pension payments. It's worth getting personal financial advice to help you make the best decisions.
You don't have to take out your super when you retire or reach a certain age. You can leave it in your Super Savings Accumulation account for as long as you want.
That way you'll keep investing your money while you decide what to do with it.
If markets have dipped, you might decide it's the wrong time to withdraw your money. We offer personal financial advice to support you. Check out our seminars, too.
Keep in mind that there's up to 15% tax on investment earnings in Accumulation accounts. If you move your super into a Retirement Income account, you don't pay any tax on your earnings.
You may be able to withdraw super early under compassionate grounds for dental expenses. But only if they're medically necessary and you don't have another way to pay for them.
The ATO assesses dental treatment on a case-by-case basis.
The quickest way to apply to withdraw super is through Member Online.
Here's some things you'll need to tick off as you go through the process:
Remember, the way you access your super could end in you paying more tax. So it's a good idea to get financial advice before deciding.
You don't have to withdraw all your super when you retire. Instead, you can access part of your super with a retirement income product. They're made to help your savings last.
60-64
Start using your super while working, with a TTR account.
60 and over
Adds flexibility by allowing you to change your payments and withdraw money anytime.
From 60th to 80th birthday
Gives security in retirement, knowing your payments won't stop, no matter how long you live.
