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June 21 2023
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Accessing your super when you’re retired

Did you know you’ve got options for accessing your super when you’re retired? With a Rest Pension account, you’ve got the choice of taking your funds out in small regular payments, in one lump sum, or as a combination of the two.
A hand taking a cookie from a cookie jar, a metaphor for accessing your super when you're retired

Options with a Rest Pension account

Once you have reached preservation age and retired, you can access your super with a Rest Pension account through regular payments, a lump sum or a combination of both.

Regular payments Lump sum
Taking out your super in regular payments means you can choose how and when you receive them. Another benefit is that we’ll continue to work hard for a return on the money that remains invested in your account. Taking out your super as a lump sum doesn’t mean you have to withdraw it all at once. You can take some of it out and leave the rest to access as you need it, or take it out as a regular income stream later.
Regular payments Taking out your super in regular payments means you can choose how and when you receive them. Another benefit is that we’ll continue to work hard for a return on the money that remains invested in your account.
Lump sum Taking out your super as a lump sum doesn’t mean you have to withdraw it all at once. You can take some of it out and leave the rest to access as you need it, or take it out as a regular income stream later.
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Tip:

The Rest Pension PDS (Product Disclosure Statement) breaks down these options in more detail.

Will I be taxed?

Once you’re over 60, withdrawals from your Rest Pension account are generally tax free. Learn how tax is applied to different types of withdrawals.

Amount and frequency

How much you take out of your account and how often depends entirely on you, but there is a minimum amount you must withdraw, also known as the minimum pension drawdown rate. It’s a percentage of your starting balance on 1 July of the current financial year, and it also depends on your age. For example, if you’re aged between 65 and 74, for the 2023-24 financial year you’re required to withdraw at least 5% of your account balance.

You can change your payment amount and frequency online through MemberAccess. It’s important to consider your personal financial circumstances before making any changes – for example, withdrawing more than the minimum rate may impact how long your super lasts in retirement.

Minimum pension drawdown rates

Below are the minimum pension drawdown rates for the 2023-24 financial year. Learn more about these rates here.

Your age on 1 July or commencement of pension* Default minimum drawdown rate (% of account balance)  
Younger than 65 4  
65-74 5  
75-79 6  
80-84 7  
85-89 9  
90-94 11  
95 or older 14  

*If your Rest Pension starts part-way through the year, your minimum payment is calculated on a pro-rata basis.

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Need advice?

If you’d like to speak to a Rest Financial Adviser about how a Rest Pension could work for you, call us on 1300 183 361.

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