Who is eligible for transition to retirement?

Once you reach your Commonwealth preservation age, you can use your super money to start a transition to retirement strategy.

Your preservation age depends on your date of birth. As of 1 July 2024, if you are aged 60 or more, you have reached your Commonwealth preservation age.

There are a number of ways you can use transition to retirement to benefit you:

• Increase your super - you'll continue to work and can sacrifice some of your salary to super
• Reduce your hours - you can work less without reducing your overall income, as your pension can make up for your lower salary
• Increase your income - you'll be receiving an income stream from a pension as well as your normal salary

If you’re a Gold State Super member, you can access your super once you turn 55. However, if you access your benefit before you reach your Commonwealth preservation age you may be taxed at a higher rate.

The preservation age is higher than the age at which you can access your Gold State Super benefit. Please call us on 13 43 72 or visit our how your super is taxed when you use it page for more information.