Your income options
When you reach your Commonwealth preservation age (see the table to the right) 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.
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. 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 at any stage you return to working in the WA public sector, you can keep your same super account.
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
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.
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 23 November 2017.