www.esuperfund.com.au

Age 60 to 64 & NOT Retired


 
 
Accessing your Super Benefit when aged between 60 and 64 and NOT "Retired"

If you are aged between 60 and 64 your Super Benefit is preserved until your Retirement.  You can only access your Super Benefit as a TRIS as detailed below when aged between 60 and 64 if you are NOT "retired".

 
 
Definition of "Retirement" when aged between 60 and 64

For a person between 60 and 64, retirement means you simply need to cease your employment.  The intention to return to the workforce is irrelevant.  This means that you can essentially return to work soon after ceasing your employment, but you will still deemed to be retired and able to access your Super Benefit as required. The definition of retirement in this case is less stringent than for those under 60. 

As soon as you retire from the workforce and met the definition of “Retirement”, please complete the “Retirement” Application here.

 
 
Pension withdrawals when aged between 60 and 64 and NOT "Retired"

When you are aged between 60 and 64 and are NOT "Retired" you have the option of commencing a Pension Income Stream from your SMSF. A Pension simply means that periodically (e.g. each month or other period you nominate) cash is transferred from your SMSF Bank Account to your personal Bank Account to fund your living expenses. There are two types of Pensions you can start in an SMSF namely an “SABP” and a "TRIS". When you are aged between 60 and 64 and are NOT "Retired" you can only commence a TRIS.

If you do decide to commence a TRIS from your SMSF and are aged between 60 and 64 and are NOT "Retired", then you must take a Minimum Pension Income per year.  For more information on the Minimum Pension amount, please click here.  If you commence a TRIS from your SMSF and are aged between 60 and 64 and NOT "Retired", there is a maximum annual pension drawdown of 10%.  No tax is payable on Pension Withdrawals made after age 60.  For more information on commencing a Pension, please click here.

 
 
Lump Sum withdrawals when aged between 60 and 64 and NOT "Retired"

Lump Sum Withdrawals is simply an amount accessed from your SMSF that is not a Pension Payment.  You cannot make lump sum withdrawals from your SMSF when aged between 60 and 64 and NOT "Retired".

 
 
Not required to access Super Benefit when aged between 60 and 64 and NOT "Retired"

If you are aged between 60 and 64 and NOT "Retired" you are not required to access your Super Benefit as a TRIS.  The choice is entirely yours.  In fact you can let your Super Benefit accumulates in the super environment indefinitely.

 
 
Contributions when aged between 60 and 64 and NOT "Retired"

If you are aged between 60 and 64 and NOT "Retired" you can still contribute to superannuation (no work test is required).