Deferred benefit member
If you leave your super in the CSS for future payment, your entitlement is called a ‘deferred benefit’.
You can access it when you reach your minimum retiring age (usually 55). The benefit is accessible earlier if you become an invalid or die. It must be paid when you turn 65.
Use this area to find out about:
- Returning to work
- Withdrawing your benefit
- Deferred invalidity benefit
- Deferred CPI indexed pension factors
- Early release provisions
- If you die
- Work out what your super is worth
- More information
Returning to work
If you’re a CSS deferred member and you return to Commonwealth employment, you can return to the CSS as a contributing member, provided your new employer participates in the CSS and you meet the eligibility requirements. Once you re-enter the CSS you are again considered to be a contributing member and your deferred membership ceases to apply.
However, if your new employer participates in the PSS, you will have a three-month period in which to decide if you wish to transfer to the PSS with credits for your member, productivity and a notional employer component.
Important if you are approaching age 55 and are considering on-going re-employment.
Withdrawing your benefit
Your options if you claim your benefit after reaching minimum retirement age
You can claim your deferred benefit once you reach your minimum retiring age (generally 55). You can claim a CPI-indexed pension (based on 2.5 times your basic contributions and earnings which is multiplied by a factor dependent on your age at claim date) and either:
- a non-indexed pension; or
- a lump sum of your member component.
If you have a productivity component in the CSS, you can take this as a lump sum or an
additional non-indexed pension.
If you are an ex-Provident Account member and you claim your benefit at age 60 or later,
you can take your total benefit as a lump sum. The amount of the lump sum is based on three times your basic contributions and earnings, plus any supplementary contributions and earnings and any productivity component.
Deferred CPI indexed pension factors
Age at which benefit claimed |
Factor |
|---|---|
65 |
0.1100 |
64 |
0.1080 |
63 |
0.1060 |
62 |
0.1040 |
61 |
0.1020 |
60 |
0.1000 |
59 |
0.0985 |
58 |
0.0970 |
57 |
0.0955 |
56 |
0.0940 |
55 |
0.0925 |
Deferred invalidity benefit
A deferred invalidity benefit is payable if you have preserved your super but retire because a permanent medical condition is likely to stop you from working again.
Early release provisions
You may be able to access the preserved productivity component of your super early on compassionate or financial hardship grounds.
Compassionate grounds
If you are facing substantial medical bills or are likely to lose your home you can apply for your productivity benefit to be released early.
You need to submit an application form to the Australian Prudential Regulatory Authority (APRA).
Financial hardship
If you are having difficulty meeting everyday living costs and can prove you have received income support continuously for 26 weeks, you may be able to access up to $10 000 over a 12 month period.
The same amount is available to members who retired permanently from the workforce on reaching their preservation age and have received income support for 39 weeks.
If you die
If you die before claiming your deferred benefit, your eligible spouse is entitled to 67% of the CPI-indexed pension you would have received on becoming an invalid.
Your member and productivity components can be paid as a lump sum or exchanged for an additional non-indexed pension.
If you are not survived by any eligible dependants, a lump sum of your member and productivity components, plus an allowance for Superannuation Guarantee contributions (if applicable), will be paid to your Estate.
Work out what your super is worth
Use our i-Estimator to work out how much your deferred benefit is worth if you are within 12 months of claiming your CSS deferred benefit..
