How to access super

Your preservation age – or access age – is the lowest age you can get your super. The government sets the age limit and it depends on when you were born.

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.

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.

• Once you've turned 60 and retired, you can take out as much as you like from your account.
• If you leave a job but don't retire, you can access the super you've saved up until that point.
• If you stay with your employer, you may be able to open a Transition to Retirement (TTR) Income account to get up to 10% of your super each financial year.

Before you start withdrawing your super, think about getting financial advice.

It could help you figure out if you'll need to pay more tax and if there will be impacts to any of your benefits.

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.

For most people turning 55 now, you usually can’t use your super while still working. But in some cases, such as severe financial hardship or compassionate grounds, you may be able to withdraw some super early.

In general, when and how you can access super depends on whether you’ve reached your preservation age. That's now 59-60 years old.

Working out your preservation age

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 also tax-free.

If you're under 60, the taxable portion of any income payments are taxed at your marginal tax rate (plus Medicare levy). But you'll get a 15% tax offset.

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:

• Eligibility: You meet the rules to access your super.
• Contact details: Save both email and mobile details on your account.
• Personal details: We have your tax file number (TFN), date of birth, address etc.
• Proof of identity: To make sure it's really you, have identification documents ready such as a current driver's licence.
• Payment details: Tell us where you want your money paid, for example your bank account.

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.