How you can access your super money

When eligible, you can access your super money as an income stream or lump sum – or combination of both – to spend in your retirement.

Super is designed to help you save for your retirement, so there are some rules around when you can access it. Here’s when and how you can access your super money, whether you want a lump sum or income stream.

When you can access your super

Your super generally isn’t available until you are either:

• over 59 years old and permanently retired
• over 60 years old and leave your employer
• over 65 years old.

Learn more here. In some cases, you might be able to access your super early.

How to access your super

Because your retirement is unique, you can choose how to access your money. When you’re eligible to access your super, you have the following options, or a combination of these three:

• Open a Retirement Income account and/or a QSuper Lifetime Pension, and start receiving regular payments from your superannuation
• Withdraw it as cash – all at once or in stages
• Leave your super where it is for a while

You might choose to access your money by

Receiving regular payments

This is the most popular way to turn your super into a regular income stream. You can transfer all or some of your money from your QSuper Accumulation account to a QSuper Retirement Income account. You can then set up regular payments from your Retirement Income account to your bank account. You can choose how much you take out and how often you get these payments. With a Retirement Income account, investment returns are tax free, and if you’re aged 60 and over, your regular impact payments are generally tax free.

Be aware the Government sets a minimum amount that you must drawdown from your account each year. You can learn more here.

You can use our Lifetime Pension together with a Retirement Income account for a complete retirement solution. With a Lifetime Pension you can enjoy the security of knowing you have an income for the rest of your life.

Withdrawing your money as a lump sum

You can keep all or some of your money in your super account and make lump sum withdrawals into your bank account. You can withdraw as much as you need, whenever you need it. You pay different rates of tax on withdrawals depending on your age. Find out more about how tax on super works.

Leaving your money in super

You can leave your money in your QSuper Accumulation account for as long as you want, even after you're allowed to withdraw it. This gives you more time to decide how you would like to access your retirement savings and your money will stay invested and can keep growing.

Setting up a Retirement Income account vs transferring to your bank account

How we help

Our super solutions work for your lifetime. So, while you’re working, you are saving for your future using our Accumulation account. Then when you’re in retirement you can get the benefits of our Retirement Income account and/or a Lifetime Pension to access and spend your money.

You can use our Retirement Income account and Lifetime Pension on their own or together. We designed our Lifetime Pension to work with our Retirement Income account. You could get Age Pension benefits as well, if you're eligible, because only some of your Lifetime Pension money and payments count towards Centrelink's income test and assets test.

You can combine your Retirement Income account and Lifetime Pension together for:

• flexibility in your income payments
• income for the rest of your life.

Here’s how:

Lifetime Pension

Income for life
Gives security in retirement, knowing your payments won't stop, no matter how long you live.

• Never runs out
• Possible Age Pension benefits
• Payments adjusted yearly

Age Pension

Income safety net
Government payments to help eligible retirees pay for the essentials.

• Never runs out
• Supports a budget lifestyle only on its own
• Payments based on your assets and income

Retirement Income account

Income for lifestyle
Adds flexibility by allowing you to change your payments and withdraw money anytime.

• May run out
• Choice of investment options
• Flexible payment options

Support for your super and retirement

Personal financial advice could help you get your super on track so you can truly live well in retirement. As member with us, you can access financial advice from a qualified financial adviser about your super account as part of your membership. We’re also happy to work with your financial adviser if you have one.¹

Find out more

1. QInvest Limited (ABN 35 063 511 580, AFSL 238274) (QInvest) is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide at qsuper.qld.gov.au/disclosure for more information.