Your money when you need it
A Flexi Pension is a retirement income account that allows you to withdraw additional money when you need it — helping you to meet unexpected costs.
Can making a withdrawal from your Flexi Pension affect your tax?
Before making a lump sum withdrawal from your Flexi Pension account, consider the possible effects it may have on your tax or the returns on your investment options and that you meet the eligibility criteria.
There could also be other effects too, so it’s best to chat to UniSuper Advice on 1800 823 842 or make an appointment if you’re unsure.
Choose how your withdrawal is paid from your Flexi Pension account
If your account is invested in more than one investment option, you can choose which options your lump-sum withdrawal will come from.
It’s worth revisiting your drawdown method to ensure it continues to meet your investment strategy.
For more information about your drawdown options, read the Flexi Pension Product Disclosure Statement (PDF, 2.24 MB).
Did you know? There are three different types of Flexi Pension: Transition to Retirement (TTR), Retirement Phase and Beneficiary Income Stream (BIS).
Have a Transition to Retirement (TTR) account?
A Transition to Retirement (TTR) pension account is a type of Flexi Pension. However, you can only make a lump-sum withdrawal to:
- access any unrestricted non-preserved benefits,
- split a payment under family law, or
- give effect to an ATO release authority under income tax legislation.
Once you reach age 65 or older (or have told us that you’ve met a condition of release that allows unrestricted access to your super — such as retiring from the workforce1) your TTR Flexi Pension will become a Retirement Phase Flexi Pension, and you can make full or partial withdrawals from your balance as needed.
Currently retired? Withdrawing from your Flexi Pension is easy
If you have a Retirement Phase and/or BIS Flexi Pension, making a request to withdraw is easy and that request can generally be made at any time.
Eligibility:
- You must withdraw a minimum of $2,000
- You must keep at least $10,000 in your account for it to remain open
- An online withdrawal will be paid into your nominated bank account usually within 5 business days2
Don’t have a Flexi Pension account?
You may be able to make a withdrawal from your super account if you are age 65 or older or met a condition of release that allows access to your super. However, if you don’t have one of the three Flexi Pension accounts (such as a Transition to Retirement, Retirement Phase, or a BIS) your options for making a withdrawal may be limited.
I have a Lifetime Income account and/or a Defined Benefit Indexed Pension (DBIP)
Lifetime Income accounts and Defined Benefit Indexed Pensions are types of lifetime income streams.
If you have a Lifetime Income account (previously known as a Commercial Rate Indexed Pension) or a DBIP, you generally don’t have the ability to make lump-sum withdrawals.
Learn more about lifetime income streams.
Discover more about living in retirement
Keeping your account secure
We work hard to protect your account and personal information. Help us keep your account secure by taking a few simple steps.
Are your UniSuper payments tax free?
Most income payments are tax-free for everyone 60 years and over, but tax may apply in certain cases.
Choose who gets your super or pension
Super and pension benefits aren’t automatically included in your estate – even if you’ve mentioned them in your Will.
The information is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider the PDS and TMD on our website, and whether the information is appropriate for your circumstances otherwise seek financial advice.
-
Things you need to know
1The definition of retirement in superannuation is specific and different definitions apply based on your age, so chat with us if you are unsure.
2Although most withdrawals will be paid into your nominated bank account with 5 business days, it may take an additional 2 business days for the payment to clear. It may take longer if your request requires more information.