When can super be accessed?
At preservation age
You can access your super between 55 and 60, depending on your date of birth, or when you reach age 65, even if you are still working.
CHECK MY PRESERVATION AGEUnder a condition for early release
Under certain circumstances such as financial hardship or becoming disabled for work, you may be able to access your super early.
Access Super earlyUpon death
The account balance of a TelstraSuper member who has passed away, including any insurance benefits, is payable to beneficiaries.
Member has passed awayImportant things you need to know
Before you make a withdrawal here are a few things that you need to know and understand:
- your retirement balance may be reduced
- you may need to pay tax - If you are aged 60 or over, lump sum withdrawals and income payments are generally tax-free. Under the age of 60, the amount of tax you pay will be based on things such as how much you withdraw, the ‘taxable components’ of your super balance, and your marginal rate of tax. For more information and to work out the tax that applies to withdrawals or payments from super click here
- your government benefits may be impacted, such as your entitlement to a Government Age Pension – for more information click here
- your insurance cover may be impacted – If there are insufficient funds in your super account to cover your insurance premiums after a withdrawal any insurance cover you have through this account will cease
- you may be being targeted by a scam – for more information about the illegal early release schemes and scams identified by the ATO click here.
We suggest you seek financial advice on which withdrawal option is right for you including any potential impacts. To talk to an adviser from TelstraSuper Financial Planning call 1300 033 166 or request a call.
How to withdraw my super
Set up an income stream
Receive a regular income from one of our RetireAccess income products
DISCOVER RETIREACCESS INCOME OPTIONSLump sum withdrawal
Make a lump sum withdrawal online if you have met your preservation age
Login to make a withdrawalWhat you need to complete your withdrawal
In order to complete your withdrawal via SuperOnline, we will need the following information:
- Proof of identity - to help safeguard your super account you’ll need to prove your identity. You’ll be asked to provide 2 sources for ID verification. Read the Proof of Identity Guide to see ‘acceptable proof of identity documents’
- Up-to-date personal details – check that the details we have on file for you match your ID documents
- Mobile number – for online submissions we authenticate your identity when you’re accessing your account electronically
- Bank account details – to specify where we will pay your withdrawal or income payment. Note that a bank statement may be required in certain circumstances.
How long will it take?
We strive to process withdrawals within 4 business days* provided we have everything we need and your application for withdrawal is approved (allow an additional 48 hours for the money to appear in your account). From time to time, TelstraSuper may contact you to request additional information or documentation or to verify instructions.
*TelstraSuper does not warrant or guarantee that withdrawals will be processed within this service timeNeed more comprehensive advice?
Should you need comprehensive personal advice, you can speak to an Adviser from our TelstraSuper Financial Planning team. We provide tailored, value for money, financial advice on a range of topics that can help you maximise your savings throughout your life stages. Advice fees relating to your super may be paid for through your TelstraSuper account if certain criteria are met. For more information about this service, request a call back.