Make a withdrawal
To withdraw funds from your pension account, there are certain criteria set by the government that you will need to meet.
You can make a lump sum withdrawal from your pension account:
- if you’re 65 or over;
- if you’re between preservation age and 64 and have permanently retired;
- if you have unrestricted non-preserved benefits*; or
- if you’re between 60 to 64, but changed employers after turning 60.
Things to consider
- Lump sum tax may apply to cash withdrawals.
- Higher tax rates may apply if you’re under preservation age.
If you’re unsure, don’t forget we’re here to help. You can give us a call on 13 64 63 or email firstname.lastname@example.org
If your needs are more complex we can put you in touch with a financial adviser from 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.