Lump sum pension withdrawals

Did you know that rather than waiting for your regular pension payment, you can withdraw funds from your pension account when you need a bit of extra cash? This may give you more flexibility when you're considering large purchases, such as a new car, home improvements or paying off an outstanding mortgage. Be mindful that once you take a lump sum out of your pension account, it's no longer considered to be super. If you invest the money, earnings on those investments may need to be declared in your tax return.

Making a lump sum withdrawal is easy, however, you need to meet certain criteria set by the government. You can make a lump sum withdrawal from your pension account if:

• you're 65 or over;
• you're between preservation age and 64 and have permanently retired;
• you have unrestricted non-preserved benefits^*; or
• you're between 60 to 64, but changed employers after turning 60.

Here's how

To make a withdrawal from your pension account, you need to complete a Pension withdrawal application form (PDF) and return it to us. We'll process your withdrawal within five days of receiving it. Did you know? Once you've made an initial withdrawal using the form, you'll have easier access to the money in your account and can make subsequent withdrawals over the phone.

Turn to Mine

For more info, or to get started, check out the Make a withdrawal web page. If you're unsure, don't forget we're here to help. You can give us a call on 13 64 63 or email help@mine.com.au. You can also talk to an adviser from Mine Super Financial Advice, who are here to help you make confident and informed financial decisions. Meet the team or request an appointment with Mine Super Financial Advice.

^{* In this case, you can only withdraw the unrestricted non-preserved portion of your account. However, if your preserved benefit is less than $200, you may withdraw the full amount.
A version of this article was first published in September 2021.}