Keeping your money in super
If you’ve reached your Commonwealth preservation age and retired, you can choose what to do with your super. You might decide to keep your money in your West State Super or GESB Super account, or create a stream of income through what’s known as an allocated pension.
You can keep your money in super
This could be a good option for you if you have other income to support you in retirement, if you’re deciding what type of product you'd like to choose for your retirement income, or if you think you might return to work at some point.
If you choose to keep your money in super, you can:
- Make lump-sum withdrawals of at least $1,000 when you need. A fee of $52 is deducted from your account for each withdrawal
- Continue to accumulate investment earnings with tax benefits
- Change your investment plan to suit your circumstances
- Keep the same super account if you choose to return to work
If you’re a Gold State Super member, you might be able to take advantage of tax benefits by transferring your super to your existing West State Super or GESB Super account, or we can open a new GESB Super account for you.
If you’d like to set up a regular income from any of our super accounts, an allocated pension might be best for your situation.
Learn more about tax and your retirement options
The way your super benefit payments are taxed can be complex. To learn more about your options:
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 21 November 2018.