There’s no single path to retirement. Some people work at full pace right up until they retire. For others, easing into retirement by cutting back hours is a better option. Some people even decide to turn a redundancy into retirement.

Whatever you decide, remember the way you access your super affects the amount of tax you pay, your entitlement to government benefits and your financial flexibility in retirement.

Once you've turned 65, or reached your preservation age and retired, you have options for how you access your super. Just remember that different withdrawal methods can have different tax implications so you may want to seek advice before making a decision.

  • Transfer your super to a tax-effective Income account. This way, you control how your money is invested and have the flexibility of a regular income. You can also access additional withdrawals whenever you need.
  • Leave your super in your Accumulation account and withdraw lump sums as you need them.
  • Withdraw some or all of your super to open a Guaranteed Term Annuity. Withdrawing all your super has tax implications and we recommend getting advice before doing this.
Transfer your super to an Income account Leave your super in your Accumulation account Withdraw your super as a lump sum
Easy access to cash withdrawals Tick Tick Tick
Receive regular income in retirement Tick
Continue to invest for growth Tick Tick
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No tax on payments (over age 60) Tick Tick

Transferring your super to an Income account gives you the convenience of a flexible, regular income while still letting your investment grow over the long term. They’re also a more tax effective way to manage your money because:

  • There’s no tax on your superannuation income after you turn 60
  • Tax offsets are available on superannuation income payments before age 60
  • There’s no tax on your pension investment earnings at any age.

If you’re not ready to retire, you could think about accessing part of your super through a transition to retirement strategy. It lets you supplement your income if you want to reduce your working hours, or boost your super by salary sacrificing more of your pre-tax pay.

Withdrawing your super as a lump sum, or as an income stream can have tax and Centrelink implications so make sure you get personal financial advice first.

If you have reached preservation age and are eligible, you can make a partial withdrawal from your Accumulation account online.

Withdraw online  or download the Accumulation account withdrawal form

First, download and print the appropriate form:

To transfer funds from your existing super account into an Income account, you need to open an Income accountThen just complete, sign and send your forms to QSuperOr drop into any of our branches and we’ll be happy to help.