Transition to retirement

Access your super while you’re still working

If you’re eligible, you could use a transition to retirement strategy to access your super as an income stream while you’re still working.

Your take home pay with and without transition to retirement

You might choose to cut back on your work hours because the income you receive from your super benefits could help to make up for any loss of salary.

With transition to retirement, your super benefit must be used to start a regular pension such as our Transition to Retirement Pension. This doesn’t allow for lump-sum cash withdrawals and is known as a non-commutable income stream.

Find your Commonwealth preservation age

To be eligible for transition to retirement from your GESB Super or West State Super, you need to have reached what’s known as your preservation age:

  • If you were born before 1 July 1960, you can access your super now that you're over 55
  • If you were born between 1 July 1960 and 30 June 1961, you can access your super now that you're over 56
  • If you were born between 1 July 1961 and 30 June 1962, you can access your super when you turn 57
  • If you were born between 1 July 1962 and 30 June 1963, it's when you turn 58
  • If you were born between 1 July 1963 and 30 June 1964, it's when you turn 59
  • If you were born after 1 July 1964, you can access your super when you turn 60

If you’re a Gold State Super member, you can start transition to retirement from the age of 55, but you’ll pay more tax if you access your super before you reach the Commonwealth preservation age.

How transition to retirement works

With transition to retirement you can access your super once you reach your Commonwealth preservation age. You can:

  • Start with part or all of your super benefit and start a non-commutable income stream with our Transition to Retirement Pension
  • Choose to receive between the minimum 4% and a maximum of 10% of your super account balance each financial year, calculated at the start of the financial year
  • Receive payments directly into your bank account monthly, quarterly or annually
  • Change the amount of pension you receive each year, subject to minimum and maximum limits set by the Commonwealth Government
  • Continue to work and have your contributions paid into your GESB Super or West State Super account
  • You can also change your super account structures if your personal circumstances change.

The benefits of transition to retirement

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

You can find the right balance to suit your needs, with the flexibility to change your strategy as your circumstances change. We recommend that you speak with a financial adviser, accountant or tax adviser to help you decide if transition to retirement is right for you.

Is transition to retirement right for you?

Transition to retirement is a way you can access your super while you’re still working.

Take our simple quiz to see whether it could be right for you.

Learn more or book a seminar

Find out how transition to retirement works with your account:

To learn more about preparing for your retirement, register for one of our seminars.

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Page last updated 02 November 2018