Accessing your super
Your super is a long term investment designed to help fund your retirement. There are rules around when and how you can access it.
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When can I access my super?
Age 60 to 64
You may be able to access your super if you:
- permanently retire;
- stop working for an employer, even if you continue working elsewhere; or
- continue working and start a Transition to Retirement (TTR) income account.
Age 65 and over
You can access your super whether you’re working or not.
Under age 60
You generally can’t access your super. In limited circumstances, you may be able to access your super earlier. Eligibility criteria and other rules apply.
How to withdraw super
Once you’re eligible to access your super, you can choose to take it as a lump sum, receive regular payments through an income account, or use a combination of both.
BUSSQ has income account options for members who are transitioning to retirement and those who have retired.
Turning your super into regular income
An income account lets you keep your retirement savings invested while receiving regular payments into your bank account. You can choose how much of your super you use to open the account, how often you receive payments and how your money is invested.
Making a lump sum withdrawal
From time to time, you may want to withdraw extra money from your income account for things like an overseas holiday, home improvements or paying off debt. If you’re eligible, you may be able to withdraw some or all of your super as a lump sum, while leaving the rest invested.
Lump sum withdrawals can affect how long your retirement savings last and may also affect your Age Pension entitlements or have tax implications. Consider getting financial advice before making a lump sum withdrawal.
Leaving your money in super
You don’t have to start accessing your super just because you’re eligible. You can choose to leave your savings in super, where they’ll remain invested until you’re ready to access them.
Get advice
Accessing your super is an important decision, and there can be a few things to consider before making a withdrawal.
BUSSQ offers different types of advice to help you understand your options and make a decision that’s right for you.^
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Accessing your super before retirement
Can you access your super early?
While the purpose of super is to help fund your retirement, sometimes things don't go to plan and you might need to access some or all of your super earlier. You may be able to access your super in the following circumstances:
- severe financial hardship
- compassionate grounds
- terminal illness or permanent incapacity
- permanent departure from Australia
- in limited cases, you may be able to withdraw a small balance (for example, if an account has less than $200).
- as part of the First Home Super Save Scheme (FHSSS).
- if you have any unrestricted non-preserved funds. Login to Member Online to check.
Things to consider before making a withdrawal
Withdrawing some or all of your super early could affect:
- how much money you have to spend in retirement
- how much tax you pay
- any payments or benefits you receive (e.g. Centrelink)
- any insurance linked to your super account.
There are strict conditions and eligibility criteria set by the government around early access to super that apply to all super funds.
Get ready for retirement
As you get closer to accessing your super, planning ahead can help you understand your options and prepare for retirement.
