If you have reached your Commonwealth preservation age and retired, you have the option to retain your money in your current West State Super or GESB Super account until you decide what to do with it.
This may be suitable if you have other income to support you in retirement, or are deciding what type of product you'd like to choose for your retirement income. You are able to:
Make lump-sum withdrawals1as required (minimum $1,000)
Continue to accumulate investment earnings in a favourable tax environment
Change your investment plan to suit your circumstances
Keep the same super account if you choose to return to work
If you require a regular income from your retirement savings, an allocated pension may be more suitable
Gold State Super members
On retirement Gold State Super members may achieve some tax advantages by rolling their benefit over to an existing West State Super, or to a new or existing GESB Super account. For more information contact us on 13 43 72.
1 A fee of $51 is deducted from your GESB Super or West State Super account for each full or partial withdrawal from your super account. This fee is subject to annual indexation, which will be applied on 1 July each year. For more information, read the West State Super schedule of fees or GESB Super schedule of fees.
Understand your retirement options
The tax treatment of super benefit payments can be complex. We encourage you read the Tax and super brochure for more information. If you have any questions, contact your Member Services Centre on 13 43 72.