IMPORTANT INFORMATION

When making a lump sum withdrawal from your income account, you should consider:

  1. Requesting a withdrawal;
  2. Maximum amounts withdrawable;
  3. Proof of identity;
  4. Time for processing your request;
  5. Confirmation of your request;
  6. If you are transitioning to retirement;
  7. Submitting a request

Requesting a withdrawal

You can request lump sum withdrawals from your income account, in addition to your regular income payments, at any time. If you are a Transition to Retirement Members, you can only make a lump sum withdrawal in certain circumstances (see ‘Transition to Retirement Members’ below).

The lump sum amount requested will be drawn from your investment options in the same proportion as your regular income payments. The requested amount (net of tax and fees where applicable) will be transferred to the same bank account as your regular income payments.

Note, some restrictions apply if you are a Transition to Retirement member. See ‘Transition to Retirement Members’ below.

Maximum Amount for Withdrawal

The maximum available amount shown may not be equal to your total account balance.

If you are a Transition to Retirement Member, your lump sum withdrawal plus your annual income payments must be no more than the maximum level set by the Government and shown under the Maximum Annual Amount.  No maximum limit applies on withdrawals for other members. 

Proof of your identity

If you have not previously provided an acceptable certified copy of a document that proves your identity, this will be required in order for your request to be processed. For further information about proving your identity, please visit the Documents & Forms section.

Time to Process Your Request

If we receive a valid instruction from you before 4.00 pm Melbourne time, we will process your lump sum payment request using the declared unit prices for that day, once known. If we receive your one off payment request after 4.00 pm Melbourne time, we will process your request effective the following business day (and it will be processed using the following business day's declared unit prices). Please note that it may take up to 48 hours for unit prices to be calculated and loaded to the administration system, and your switch request will not be physically processed until that time. Unit prices are not calculated for weekends or Melbourne public holidays.

Confirmation of your request

Your withdrawal request will only be processed if you a Receipt Number displays on the screen after you have submitted your request. You should write down this Receipt Number for future reference. If a Receipt Number is not displayed (please contact us.

Your change will not be visible on this site until it is processed by us.

Transition to retirement members

If you are a Transition to Retirement member, lump sum withdrawals from your income account are only allowed in the following circumstances:

  1. To cash any unrestricted non-preserved component of your super account. The minimum amount you can cash of your unrestricted non-preserved amount is $5000.
  2. To pay a superannuation surcharge debt
  3. To give effect to a family law payment split
  4. To pay an excess contributions tax assessment.

SUBMITTING A REQUEST:

By submitting this request you:

  • understand the lump sum amount requested will be drawn from your investment options in the same proportion as your regular pension payments. The requested amount (net of tax and fees where applicable) will be transferred to the same bank account as your regular pension payments. If you would like your lump sum amount drawn from your investment options in a different way, you will need to complete a withdrawal form instead.
  • your lump sum withdrawal request may take up to three days to be processed.

Privacy Policies

By submitting this request for a one off payment, I understand and consent to my information being collected, disclosed and used in the manner set out in our Privacy Policy.