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Rules for accessing your super

If you are 65 or over, you can access your super whenever you’d like. Before 65, there are rules around when you can withdraw your super, known as conditions of release. These rules consider both your age and work situation to help ensure your super is there when you need it in retirement.Ìý
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Under 60 60-64 65+
You cannot access your super until you reach 60 except under early access rules. You can access your super if you meet a condition of release.Ìý You can access your super, whether you are working or not.Ìý

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Meeting a retirement condition of release

If you have reached 60 (but you're not yet 65), you can access your super if you:Ìý

You can go back to work after you retire, even if you declared you are permanently retired from work and still access your super. Any super you accumulate once you go back to work will be preserved until you meet a retirement condition of release again or turn 65.

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Choosing what to do with your super

Once you're eligible to access your super, you have three main options. You can mix and match these to suit your needs, or a combination of all three.

Move your super into a retirement account

Leave your super where it is to continue accumulating

Withdraw your super balance as a lump sum

Before making a decision about your super, it's worth taking a closer look at things like:Ìý
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  • How your money will be taxed once you take it out of superÌý
  • The impact of withdrawing your super on your Age Pension eligibility
  • The investment options available to youÌý
  • Whether you need to keep a super account for work.Ìý

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Comparing retirement accountsÌý

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Ìý Retirement Transition account Retirement Income account
Who is this account for? You want to access your super to top up your income while you’re still working You're ready to start getting paid a retirement incomeÌý
Who can use this account?
  • You are between age 60 and 64Ìý
  • You'll continue to work
  • You have reached age 60Ìý
  • You have met a condition of release or you're 65 or overÌý
Maximum income amount 10% of your account balance per yearÌý No maximum amountÌý
Access to lump sums No Yes

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Get an income from super even if you’re not retired yet

Find out more

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A checklist for before you withdraw your super

  1. Consolidate your super - get all your super together to avoid paying multiple fees.[C1]
  2. Make sure you have nominated a beneficiary.Ìý
  3. Check your insurance coverage – you may have valuable insurance through your super account which does not carry over to a retirement account.Ìý

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How to withdraw a lump sum

Withdraw from your 91ºÚÁÏ Future Saver or Retirement Income account

  1. to your Member Online accountÌý
  2. Choose Withdrawals from the drop-down menu
  3. Complete the online transaction.

Did you know?

Withdrawing a lump sum is different to making a once-off income payment. They’re assessed differently for Transfer Balance Cap purposes. Withdrawing super could affect your Government Age Pension entitlement.

If you want to make a once-off income payment from your retirement account, you’ll have to fill out a form.Ìý

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FAQ

You may get early access to your super in specific circumstances:
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  • Severe financial hardship
  • Terminal illness or permanent disability
  • Compassionate grounds like medical treatment
  • First home deposit (through the First Home Super Saver Scheme)
  • Temporary residents leaving Australia permanently.

No, if you’re between 60 and 64 years old, a Retirement Transition account lets you access some of your super while you’re still working. At 65, you can access your super regardless of whether you work or not.