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 subject to the contribution rules.

General Advice Warning

No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.

Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.

Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO Supervisory Levy, Company Trustee Setup Fee (where applicable), and Investment Fees.