Generally, you’ll need to keep your money in super until you reach your preservation age and you’ve permanently retired from the workforce. But if you’ve resigned or you’ve been retrenched, you may be able to access part of your super before you reach your preservation age.
If you’ve resigned or been retrenched, you can access the cash value (otherwise known as the non-preserved component) of your super. The cash value includes any personal after-tax contributions you made to super before 1 July 1999, and any investment returns on those contributions until 30 June 1999.
Any contributions or investment returns that you made after 1 July 1999 form part of your preserved benefit – you can’t access them until you reach your preservation age.
There are a number of options:
Leave your money in QSuper
Leave your benefit in an Accumulation account and benefit from any ongoing market growth.
Transfer your cash value to an Income account
If your cash value is $30,000 or more you can transfer these funds to an Income account. You must have reached your preservation age to do this.
Cash in your benefit
Opt to take all or part of your cash value as one payment. Bear in mind though that you may be able to save tax by keeping your money in super, as you’ll need to pay tax on any lump sum withdrawals you do make. Have a read through our Tax Explanation factsheet to find out more.
Switch to another complying super fund
You’re free to transfer all or part of your benefit to another public sector or complying super fund. Before you do, remember to compare the solid returns and low fees of a QSuper Accumulation account against your other options.