Age retirement

For the most part, superannuation benefits cannot be accessed in full until you reach your preservation age and permanently retire from the workforce.

Because your super is intended to provide financial security during your retirement, it’s important you read our product disclosure statement and consider talking to a financial adviser before making any application.

Benefit choices
Preservation option
When you have to make your choice
If you keep working
Calculate your super
More information

Benefit choices

There are a variety of ways most benefits can or must be taken. Broadly, the options are:

CPI-indexed pension plus a lump sum	Take a CPI-indexed pension and a lump sum of your member and productivity components. If you are under age 60 and are not permanently leaving the workforce, your productivity component and any member component that exceeds your SIS Upper Limit must be paid into a rollover institution.
CPI-indexed pension plus a non-indexed pension and/or a refund of your productivity benefit	You can take a CPI-indexed pension and non-indexed pension purchased with your member and any productivity components. Or, you can use your member component only to purchase a non-indexed pension and receive any productivity component as a lump sum. If you are under age 60, and not permanently leaving the workforce, your productivity component must be paid into a rollover institution.
Postpone all or some of your benefit	As long as you have not retired from the workforce, you can postpone your whole benefit for payment at a later date. You can choose to take your member component as a lump sum up to your SIS Upper Limit or as non-indexed pension.
A lump sum only	Take your total benefit as a lump sum if you are an ex-Provident Account member and you retire at age 60 or later.

Any accrued surcharge debt you may have is recovered when you benefit is paid.

Note: If you leave the CSS before your minimum retiring age, you will be entitled to a resignation benefit, in which case you can preserve that benefit.

If your intention is to retire at your minimum retiring age you may receive a higher pension benefit by resigning and preserving a few days before that time. However, you should seek advice before doing so as this situation varies greatly according to personal circumstances.

When you have to make your choice

You have up to three months before to three months after your retirement to choose a benefit option. If you are planning on resigning prior to your 55th birthday and preserving your benefit in the CSS, you have up to one month before, and no later than 21 days after your last day of service to make an election.

Claiming a deferred benefit

To claim your deferred benefit you need to complete a benefit application form two months before you want to receive payment.

If you keep working

Although you will have ceased employment to be eligible for age retirement benefits, you are NOT regarded as having permanently retired from the workforce if you intend to again be gainfully employed (for more than 10 hours per week).

Once you reach age 60 however, you are regarded as having permanently retired at the time you cease one form of employment, either when you cease contributory membership or any subsequent employment, ie future employment intentions are ignored.

Calculate your super

You can use the i-Estimator to estimate your benefit options. You will need an Access Number.