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

Partial payment form - your details

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

Partial payment form - payment amount

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 In that case, if there is tax payable, the amount withdrawn from your account will be the amount you selected plus tax.

Partial payment form - payment from which plan

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

Partial payment form - benefit payment options

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?

Partial payment form - proof of identity

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 part of the ‘Section 5- Declaration’ section of the Partial payment form. In this section, you need to read and agree to the declaration by signing and dating the 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:

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.

Page last updated 13 January 2020