How to withdraw a lump sum

If you have retired and opened an RI Allocated Pension account, you can make lump-sum withdrawals from your account.

To make a lump-sum withdrawal, you need to:

  • Complete and submit a Partial payment form
  • Withdraw at least $1,000
  • Keep a balance of at least $1,000 to keep your account open. If you request a payment which would reduce the balance below this amount, your request must be for the whole of the balance. To close your account or to roll over to another complying super fund, you must complete a 'Retirement Income Pension Withdrawal' form. Follow these instructions to close your account

We aim to process your application within 10 working days after receiving your form and necessary information. However, there are circumstances where it may take us longer to process your request.

1. Download the Partial payment form

First, click the link to download the Partial payment form. This form is just for your RI Allocated Pension. If you have a Transition to Retirement Pension or RI Term Allocated Pension account, call us on 13 43 72 for details.

When you complete your 'Partial payment' form, you’ll need to complete five sections. You might like to print the form first then use this page as a guide as you complete each section.

2. Provide your personal details

This image shows the ‘Section 1 - Your details’ section of the Partial payment form. In this section, you need to provide your GESB member number, RI Allocated Pension account number and personal details, including your title, surname, given name or names, date of birth, gender; residential, postal and email addresses; and telephone numbers.

These details include your member number, your RI Allocated Pension account number, name, date of birth and contact details.

You can find your member number and account number on any statement you’ve received from us.

3. Select your payment amount

This image shows part of the ‘Section 2 – Payment amount’ section of the Partial payment form. In this section, you’ll need to tick the partial payment box and enter the amount you want to withdraw. There may be some tax payable on your withdrawal. Specify whether you would like your payment amount either Gross (before tax) or Nat (after tax), by ticking the appropriate box. If you do not specify if your payment is to be before or after tax, your nominated amount will be reduced by any applicable tax.

You’ll need to tick the partial payment box and enter the amount you want to withdraw.

If there is tax payable on your withdrawal, then the amount you’ve requested will be reduced by the tax amount. The same happens if you tick the ‘Gross’ box.

If you need the exact amount paid to you, then select the ‘Net’ box. In that case, if there is tax payable, the amount withdrawn from your account will be the amount you selected plus tax.

This image shows part of the ‘Section 2 – Payment amount’ section of the Partial payment form. In this section, you’ll need to specify the investment plan(s) your partial payment is to be taken from (minimum total withdrawal of $1,000 gross). If you have more than one Readymade plan (Growth plan, Balanced plan, Conservative plan, Cash plan), you need to specify which plan(s) you want the payment to come from by simply entering the relevant dollar value in the box behind the plan names. You’ll also need to add the full amount in the total box.  If you are in Mix Your plan, you need to specify which asset class(es) (Cash, Global Fixed Interest, Australian Shares, International Shares, Property), you want the payment to come from by simply entering the relevant dollar value in the box behind the asset class(es) names. You’ll also need to add the full amount in the total box.

If you have more than one Readymade plan or you have a Mix Your plan combination, you need to specify which plan(s) you want the payment to come from by simply entering the relevant dollar value in the box behind the plan names. You’ll also need to add the full amount in the total box.

4. Tell us how you want to receive your payment

This image shows the ‘Section 3 – Benefit payment option’ section of the Partial payment form. In this section, you need to select how you would like the benefit paid to you. You have three options. 1. Cheque. OR 2. Pay my benefit electronically to the nominated personal bank account that my pension payments are currently being made to. OR 3. Pay my benefit electronically into an alternative personal bank account in my name. For security purposes, please provide a copy of your bank statement showing your full name, the bank’s name, BSB number and account number. If providing an internet statement add your signature, printed name and date to the page. You must provide a copy of your bank statement otherwise your payment will be by cheque. Credit card, business or ‘trading as’ account, overseas, and third part payments are not allowed.  In this section, you also need to provide the details of the account you would like your payment to be paid into. This includes your bank, building society or credit union name, brand address (suburb only) BSB number, account number and account name.

We can either make your payment by cheque, or deposit it directly into your bank account. Simply tick the box for your preferred option.

If you choose to have the payment made into your bank account, you’ll need to provide a copy of your bank statement which includes your full name, the bank’s name and BSB number as well as your account number.

If you are providing an internet bank statement, please add your signature, printed name and date to the page. You’ll also need to complete the relevant boxes on the form to confirm your bank account details.

5. Have you provided certified proof of identity to us?

This image shows the ‘Section 4 – Providing proof of identity’ section of the Partial payment form. This section states that we are required to verify your identity before you can withdraw part of all of your benefit. If we currently hold valid identification for you, we can continue to use that document to satisfy identification requirements. This assumes that the identification continues to verify your personal details. If you have previously supplied us with valid identification, tick the ‘Yes’ box and go to section 5. If you haven’t, tick the ‘No’ box and refer to the ‘Proof of identity’ fact sheet available at gesb.wa.gov.au/brochures to see the documentation that you need to provide.

If you have, and your details have not changed, you don’t need to supply new certified proof of identity with this form.

If some of your details have changed, you will need to provide new proof of identity with this form. Find out more about how to provide certified proof of identification.

6. Read the declaration and sign the acknowledgement

This image shows the ‘Section 5 – Declaration’ section of the Partial payment form. In this section you need to declare that: 1. The information supplied on this form is true and correct. 2. You have read the ‘Retirement Income Pension Product Information Booklet’ and understand the requested funds will be taken from your RI Allocated Pension account and payment made according to your instructions 3. You understand this payment may affect the tax treatment of your pension 4. You understand GEB may be required to make a pro-rata pension payment to you prior to processing your personal withdrawal 5. You understand GESB does not provide personal financial advice and accepts no responsibility in relation to your request.  By signing this form you agree to the above declarations in full. You need to then sign and date your completed form.

In this section, you’ll need to read the declaration and confirm that the information provided is correct. Once your form has been processed, we will make the payment in line with your request. We don’t provide financial advice in relation to your decision.

We will send you confirmation when we’ve completed your instructions.

7. Send the form in

Now that you’ve completed and signed the 'Partial payment' form, you need to send your completed form and supporting documentation to:

GESB
PO Box J 755
Perth WA 6842

Australia Post can take up to six business days to deliver regular mail. Please take this into account when submitting your form to us, especially when you need to meet a processing deadline.

We’re here to help

If you have questions about making lump-sum withdrawal or need more help with the 'Partial payment' form, please call us on 13 43 72 between 7.30am and 5.30pm (AWST), Monday to Friday.

Page last updated 26 May 2020