91ºÚÁÏ

Withdraw a lump sum from your Retirement Income account

You can withdraw a lump sum from your Retirement Income Account whenever you like. But any amount withdrawn will be in addition to your regular income payments. If you’re over 60, lump sum withdrawals are tax-free.
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What to consider before withdrawing a lump sum

Withdrawing a lump sum from your Retirement Income account can impact how long your money will last. Here’s what to keep in mind.Ìý
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• Future growth potential: Money you withdraw now is no longer invested, meaning you could miss out on the benefits of growth on this money over time.ÌýThis may impact how long your savings last throughout retirement.Ìý
• Government Age Pension: A lump sum withdrawal may affect your Age Pension eligibility, so it’s a good idea to check with Centrelink before you withdraw your money.Ìý
• Tax: If you’re using the lump sum for other investments, the earnings from those investments may be taxed. With a Retirement Income account, your investment earnings are tax free.Ìý
• How will you use the money? Is it for a one-off need like medical costs or home repairs? Will it improve your quality of life in retirement? Does it align with your long-term financial or lifestyle goals?Ìý

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How to make a withdrawal from your retirement account

1. Log into
2. Choose the Retirement Lump Sum withdrawal option
3. Complete the transaction.
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When you can expect your money

Once we’ve received your form, we will:Ìý

• Send you an SMS confirmation.Ìý
• Check that all requirements are complete. If there is information missing, we will contact you for further information.Ìý
• Check your bank and super accounts to make sure the funds have transferred.

You can track the status of your withdrawal request anytime through your Member Online account.Ìý

• to your Member Online accountÌý
• Select Activities, then My Activities.
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Once approved, your withdrawal will be processed within 3-5 business days.Ìý

If you’re not sure what’s right for you, 91ºÚÁÏ members can get expert help setting up their retirement at no extra cost.^[AD2]

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Access your super before retirement

A lump sum withdrawal is a cash payment from your super savings to your bank account. You can request to withdraw a lump sum from your accumulation (Future Saver) account if you’ve met certain conditions set by the Government. But if you’re in retirement, you can withdraw your money with more freedom.Ìý

Learn more about early access to your super.

How to withdraw a lump sum from your super

If your money is in your Future Saver super account you need to be eligible to access your super before withdrawing a lump sum. To make a withdrawal from your 91ºÚÁÏ account you will need to:Ìý

• Log in to your
• Choose the Super Lump Sum Withdrawal formÌý
• Complete this online form if you’re withdrawing from your super account
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Paperwork you’ll need to make a withdrawal

Ready to go? You’ll need:Ìý
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• Your 91ºÚÁÏ details - have your member and account numbers handy. You’ll find them on your annual statement.Ìý
• Employment details - if you’re still working, we’ll need some basic information about your current job.Ìý
• Account information - the details of the bank account or super fund you’d like the money transferred to.Ìý
• Proof of identity - documents like your Medicare card, Australian passport, or driver’s licence to confirm who you are.

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FAQ