Withdrawing your super in retirement

Leave your money in super

If you have other income to support you in retirement or you’re still deciding what type of retirement income account is right for your needs, you could leave your money in your GESB Super or West State Super account. You can:

• Make lump-sum withdrawals of at least $1,000 when you need
• Continue to accumulate investment earnings
• Change your investment plan to suit your circumstances

If you decide to return to work at any stage, you can keep the same super account.

Keeping your money in super

Open a Retirement Income Pension account

If you’d like a regular income stream from your super, our Retirement Income Pension (including our RI Allocated Pension or Transition to Retirement Pension) could be a great way to access your money¹. You can:

• Choose how much you're paid each year (subject to limits set by the Commonwealth Government)
• Receive payments directly into your nominated bank account monthly, quarterly or annually
• Invest your account balance in a choice of investment options
• Manage your account through Member Online or through your Member Services Centre

Find out more about the differences between an RI Allocated Pension and a Transition to Retirement Pension and which solution suits your needs and financial goals. You might also like to try our quiz to see if transition to retirement could be right for you.

Find out the differences between our retirement pension accounts

Take a cash lump sum

You can take your super savings out and invest or spend it however you like. If you’re considering this option, you need understand the tax rules that apply.

A lump-sum withdrawal could be taxed at a higher rate than if you rolled the money into an allocated pension so it’s important to understand what will happen.

Learn about paying tax when taking your super money out

Learn more about your super

Knowledge is power. The more you know about your super, the easier it is to manage and make good decisions about your retirement savings. We’re here to help. You can:

• Book into a retirement planning seminar
• Register for a webinar
• Book an appointment with our Retirement Options Service

1 A $1.9 million transfer balance cap applies on the total amount of accumulated super that you can transfer into a tax-free retirement account, such as our RI Allocated Pension.