Making lump sum withdrawals from your Rest Pension account
Thinking about taking out a lump sum from your Rest Pension account?
Read our step-by-step guide to help you through the process.
How much you can withdraw
If you have a Rest Pension – Retirement account, there are no restrictions on how much you can withdraw.
If you have a Rest Pension – Transition to Retirement account, you can only make a lump sum withdrawal if you meet a condition of release. For example, if you retire or leave an employer. However, you can log into MemberAccess to increase your pension payments at any time. The maximum amount you can take in pension payments is 10% of your account balance at 1 July (or within the first year of opening your account).
If your account balance reduces to less than $1,000 after your withdrawal, we’ll make a final pension payment to you with your remaining balance and close your account.
Choosing the right amount to withdraw depends on your personal circumstances, including your income needs and retirement goals. Consider booking a call with a Super Specialist if you want to know how a lump sum withdrawal may impact your retirement savings.
How to make lump sum withdrawals from your Rest Pension account
Option 1: Log in to MemberAccess
If you have a Rest Pension Retirement account, you can request a partial withdrawal to your nominated bank account using MemberAccess.
If you have more than one investment option, you’ll be asked to select which investment you want to withdraw the money from.
Option 2: Call us
You can make a full or partial withdrawal over the phone by calling us on 1300 300 778 Monday to Friday 8am – 8pm (AEST/AEDT).
Option 3: Complete the withdrawal form
You’ll need to use the Rest Pension withdrawal form if:
- you’re withdrawing all the money in your account
- you’re withdrawing money from a Rest Pension – Transition to Retirement account
- you want the money to be paid into a bank account that’s different to the one where you receive your pension payments.
Completing the Rest Pension withdrawal form
Access the form here.
Section 1: Personal details
Fill in your personal details. Please complete all fields.
If you print the form, please write in CAPITAL letters.
Section 2: Transition to Retirement members only
If you’re withdrawing money from a Rest Pension – Transition to Retirement account, please tick the box that best applies to your reason for withdrawing funds.
If you’re withdrawing money from a Rest Pension – Retirement account, you can skip this section.
Section 3: Payment details
In this section, please tell us if you’re making a cash payment to your bank account or rolling over some money to your Rest super account or another super fund.
If you’re making a cash payment to your bank account
Tell us if you're withdrawing your total account balance or only some of it, and then where you want the money to be paid.
If you’re rolling over the money to your super account
First, tell us if you're withdrawing your total account balance or only some of it.
Then fill out the super fund's details:
- Australian Business Number (ABN)
- Unique Superannuation Identifier (USI)
- Member or account number
You should be able to find this information on your member statement or the super fund’s website.
For an SMSF, we also need to know the Electronic Service Address (ESA).
Section 4: Proof of identity
We need to verify your identity if:
- you want your withdrawal to be paid into a different bank account, or
- you’re moving money to an SMSF.
Identification options are listed on the form.
Section 5: Declaration and signature
Review the form to make sure everything is correct, then read and sign the declaration.
You can sign it electronically. Or, if you’re using a printed form, please sign in the signature box and add the date.
Where to send the form
Once you’re confident everything is correct, you’re ready to send the form to us.
If we couldn’t verify your identity electronically, or we’re making your payment to a new bank account, please remember to provide us with any additional documents we ask for, such as:
- your proof of identity
- updated bank statements.
Email the form along with the documents to pension@rest.com.au.
Or you can mail it to us at:
Rest Pension
Locked Bay 5042
Parramatta NSW 2124
What happens next?
If we need more information, we’ll reach out to you directly. As soon as we have everything we need, we’ll start processing your withdrawal.
Within two business days
Once we receive your form, we’ll send you an SMS to let you know we’ve started the withdrawal process.
Within five business days
We’ll process the payment and pay it into your bank account. It may take a few days to appear in your account (potentially longer for a credit union).
Rest Retire Ready
We’ve brought together Rest’s super simple advice, education and support to help you get retirement ready.
Answer a few simple questions to get access to resources like videos, articles, tools and information, all in one place.