Retirement is an opportunity to focus on doing the things you love. You've been working hard and saving your super for precisely this time of your life — so, here's how to make the most of it.

When can you access your super?

Usually, in order to access the funds in your super account, you'll need to meet a 'condition of release'.

Conditions of release include:

  • retiring at or after preservation age
  • ceasing employment on or after age 60
  • reaching 65 years of age (regardless of your working status).

Your preservation age depends on your date of birth as set out below:

Your date of birth Preservation age
Before 1 July 1960 55
1 July 1960–30 June 1961 56
1 July 1961–30 June 1962 57
1 July 1962–30 June 1963 58
1 July 1963–30 June 1964 59
After 30 June 1964 60

How can you access your super?

Once you’ve met a condition of release, you can access your super either via an income stream by opening an NGS Income account or as a cash lump sum by completing a Request for withdrawal form.

Income account guideRequest for withdrawal

Why open an Income account?

Retirement doesn't need to be the end of the road for your super. You can continue to take advantage of the benefits of the super environment by opening an Income account and drawing a regular, tax-free* income to suit your needs. This way, your money remains invested, and the risk of spending all your savings at once is minimised. You'll still have the flexibility to withdraw lump sums whenever you need, like for renovations or a holiday.

Many find retirement easier to manage with an NGS Income account. Before applying, you should read our Product Disclosure Statement and Income account guide.

Find out more

Transition to retirement

If you've reached your preservation age and would like to start accessing your super without retiring, you can opt to receive an income from an NGS Transition to retirement account. Many people use this option to transition into retirement by reducing their workdays and supplementing their income with a transition to retirement income stream.

Each financial year, you can access up to a maximum of 10% of your Transition to retirement account balance.

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Working after retirement

Ideas about retirement are very different from a few decades ago. Many people are fitter, more active, and keen to experience something fresh and exciting.There again, you may want to continue working on a part-time basis. Early retirement can be a great time to get the ideal work-life balance, whatever that looks like to you.

Learn with NGS MoneyCoach

Retirement basics

The decision to retire permanently largely depends on whether you have the financial resources available to see you through the rest of your life.

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Transition to retirement

The way we work and prepare for retirement is changing in response to our changing lifestyles.

Find out more

Income streams

We are spending longer periods of time in retirement and circumstances can change over time. This makes planning for your retirement more difficult.

Find out more

Get advice for every stage of your life

NGS Super members have access to qualified and non-commission based financial planners, including over-the-phone limited advice^ about your account, at no additional cost. Find out more

*Income account payments are tax-free for those aged 60 and over. If you’re under 60, tax generally applies. Read our Fees, costs and tax fact sheet for more information.

^Limited advice covers one or two issues in isolation on topics such as investment selection and contribution levels. It does not take into account the member’s entire financial situation.

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