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.
- Time it takes
It may take up to 15 minutes to complete the form
- Hardest thing
To organise certified proof of identification
There's no cost to make a lump-sum withdrawal
You’ll have your lump sum available to spend as you need
What you’ll need
- Certified proof of identification (if we do not already hold valid identification for you)
- Call us on 13 43 72
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
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
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 In that case, if there is tax payable, the amount withdrawn from your account will be the amount you selected plus tax.
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
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?
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
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 between 7.30am and 5.30pm (AWST), Monday to Friday.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 17 January 2021.