Ways to take your super money
Once you’ve decided when to retire, you also need to choose how you want to take your super money. How you choose to take your super will depend on whether you’re likely to return to work, whether you’d like a regular income from your super and whether you would like to make lump-sum withdrawals.
- Leave your money in super and make lump-sum withdrawals from time to time.
- Open a pension account to have a regular income stream paid to you.
- Take a cash lump sum.
You might like to see a financial adviser, accountant or tax adviser to help you decide which option would be best for you.
Leave your money in super
If you have other income to support you in retirement or you’re still deciding what type of retirement income account is right for your needs, you could leave your money in your GESB Super or West State Super account. You can:
- Make lump-sum withdrawals of at least $1,000 when you need. A fee of $521 applies each time you make a withdrawal.
- Continue to accumulate investment earnings.
- Change your investment plan to suit your circumstances.
If you decide to return to work at any stage, you can keep the same super account.
Open an Retirement Income Pension account
If you’d like a regular income stream from your super, our Retirement Income Pension (including our RI Allocated Pension or Transition to Retirement Pension) could be a great way to access your money1. You can:
- Choose how much you're paid each year (subject to limits set by the Commonwealth Government).
- Receive payments directly into your nominated bank account monthly, quarterly or annually.
- Invest your account balance in a choice of investment options.
- Manage your account through Member Online or through your Member Services Centre.
Find out more about the differences between an RI Allocated Pension and a Transition to Retirement Pension and which solution suits your needs and financial goals.
Take a cash lump sum
You can take your super savings out and invest or spend it however you like. If you’re considering this option, you need understand the tax rules that apply.
A lump-sum withdrawal could be taxed at a higher rate than if you rolled the money into an allocated pension so it’s important to understand what will happen. See how is super taxed for more details.
Learn more about your super
Knowledge is power. The more you know about your super, the easier it is to manage and make good decisions about your retirement savings. We’re here to help. You can:
1 A $1.6 million transfer balance cap applies on the total amount of accumulated super that you can transfer into a tax-free retirement account, such as our RI Allocated Pension. Find out more about the $1.6 million cap.
2 All of our service fees are indexed on 1 July annually.
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 16 August 2017.