Prior to figuring out how to withdraw super, you must first determine if you are allowed to access your super.
In order to access your superannuation savings you must first meet a superannuation condition of release.
The most common ways of meeting a condition of release are: Reaching age 65, Permanent Retirement after your Preservation Age, Commencing a Transition to Retirement Strategy.
Some less popular, yet no less frequent, conditions of releases are Death or Total and Permanent Disablement.
More information on Accessing Superannuation or Accessing Super While Still Working.
How to Withdraw Super
In most cases, you will have the ability to withdraw super in the form of a lump sum or an income stream provided you have met a condition of release.
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Your superannuation provider will have forms that are required to be completed, which will allow you to access your super.
Go to the website of your superannuation provider and look for one of the following terms:
- Tools and resources
- Forms and Publications
- Member forms
- etc., etc.
How to Withdraw Super – Lump Sum
If you would like to make a Lump Sum Withdrawal, you will be looking for one of the following forms:
- Withdrawal form
- Benefit Payment form
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How to Withdraw Super – Pension
If you would like to start a Pension, you will be looking for one of the following forms:
- Start a Pension
- Pension Application
If you would like to Transfer or Rollover your superannuation to another fund, you will be looking for one of the following forms:
- Rollover Form
- Transfer to another fund
Your best option is always discuss your intentions with a financial planner or the superannuation provider to ensure that you are following the correct procedures and abiding by the relevant laws.
How to Withdraw Super – SMSF’s
If you have a Self Managed Superannuation Fund (SMSF), you will need to contact the administrator (sometimes this person is your accountant) of the SMSF and have them produce the necessary documentation in order for you to withdraw your super. In this instance, it is imperative that you follow the guidelines set out in the Trust Deed of the fund, as there may be a specific process or restrictions in the manner in which you can make the withdrawal.
If you would like anything clarified or have any further questions about the How to Withdraw Super or any other topics, please do not hesitate to leave a comment in the section.
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