Retirement

On retiring there are a number of options for your super, you can:

• Leave your account balance in First State Super, where fees and investment earnings will continue to affect your account. See “When can I receive my superannuation benefit?” for information about making withdrawals from your account.
• Take the balance of your account out of the superannuation system as a lump sum cash* payment.
• Transfer all or part of the balance of your account to a pension fund and take the remainder as a lump sum cash* payment.
• Leave your benefit in First State Super but transfer your account into a Retirement Income Stream for a regular income stream in retirement.

* Cash payments will be made by cheque and posted to your current mailing address or as a deposit to your nominated bank account.

Leave your benefit in First State Super in retirement

For income in (or in some cases before) retirement you can transfer your super balances into a First State Super Retirement Income Stream or Transition to Retirement Income Stream.

First State Super income stream accounts:

• Are low cost – for information about fees click here.
• Provide a choice of fortnightly, monthly, quarterly, half-yearly or yearly income payments.
• Offer the full range of 10 investment strategies.
• Allow you to determine how your income stream account will be paid should you die.

A minimum of $20,000 is needed to set up a First State Super income stream. FSS Trustee Corporation is the issuer of the First State Super Retirement Income Streams and Transition to Retirement Income Streams. Before making a decision about either product, you should consider the Product Disclosure Statement which can be downloaded here

When can I receive my superannuation benefit?

Your superannuation benefit may generally be accessed when you:

• Reach 65 years of age, whether you are still working or not.
• Cease employment on or after reaching age 60.
• Permanently retire on or after reaching your preservation age.

Your preservation age depends on your date of birth:  

Date of birth	Preservation age
Before 1 July 1960  Between 1 July 1960 and 30 June 1961 Between 1 July 1961 and 30 June 1962 Between 1 July 1962 and 30 June 1963 Between 1 July 1963 and 30 June 1964 After 30 June 1964	55 56 57 58 59 60

There are circumstances other than retirement when you can access your super. Read the fact sheet (PDF 449kb) for more information about these circumstances.