Your income options

When you reach your Commonwealth preservation age (see the table) and decide to retire, you can choose what to do with your super. You could:

  • Leave your money in super and make lump-sum withdrawals from time to time
  • Open an allocated pension account to have a regular income stream with the option to make lump-sum withdrawals1
  • Take your benefit as a cash lump sum

To find the right solution for your situation, you need to consider 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.

You might like to see a financial adviser, accountant or tax adviser to help you decide which option would be best for you.

Commonwealth preservation age

Date of birth

Commonwealth preservation age

Born before 1 July 1960


1 July 1960 - 30 June 1961


1 July 1961 - 30 June 1962


1 July 1962 - 30 June 1963


1 July 1963 - 30 June 1964


After 30 June 1964


Leave your money in super

If you have other income to support you in retirement or are still deciding what type of product to choose for your retirement income, you could leave your money in your super account. You can:

  • Make lump-sum withdrawals of at least $1,000 when you need, provided that a balance of at least $1,000 remains
  • Continue to accumulate investment earnings
  • Change your investment plan to suit your circumstances

If at any stage you return to working in the WA public sector, you can keep your same super account.

Learn more about keeping your money in super

Open an allocated pension account

If you’d like a regular income stream from your super, RI Allocated Pension could be a great way to take control of your money. You can:

  • Choose how much you're paid each year (subject to limits set by the government)
  • Receive payments directly into your nominated bank account monthly, quarterly or annually
  • Access your account information through Member Online, or by calling your Member Services Centre

Learn more about RI Allocated Pension

Take your benefit as a cash lump sum

You also have the option to take your entire super savings out and invest or spend it however you like. If you’re considering this option, you need to understand the tax rules that apply.

Learn about paying tax when taking your super money out

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.

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Page last updated 05 June 2019