How to
withdraw super

If you’re over 60 but under 65, you can start accessing your super once you’ve stopped working for an employer. You can then return to work whenever you like. If you have more than one job, you only need to stop working at one of them to satisfy a condition of release. 

If you’re over 65, you can access your super regardless of whether you’re fully retired or still working.

• reach age 60 and commence a transition to retirement pension or retire (i.e. cease gainful employment* and do not intend to become gainfully employed* for 10 hours or more per week in the future)
• you have changed employers since turning age 60
• reach age 65 (even if you haven't retired)
• have been deemed totally and permanently disabled (subject to trustee approval)
• meet another condition of release (visit the ATO website for more information).

*"gainful employment" or "gainfully employed" means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. 

If you’re over age 60, you will receive all your pension payments tax free and won’t need to report them on your tax return. If you’re under age 60, some or all of your pension payment will be taxed like other income, with some offsets applied, so you will need to report the payments on your tax return. Please refer to the Hostplus Retirement Accounts PDS for more information.

Unless you have met a condition of release, your TTR account is in the taxed environment until you reach the age of 65. This means investment earnings are taxed at 15% (unless you have retired and advised us that you have done so). There is no limit on the amount of money you can have in your TTR account while it is in this taxed environment. 
 
After 65 years of age, your TTR account is automatically in the tax-free environment. This means that investment earnings are tax-free and the transfer balance cap is triggered. The transfer balance cap limits how much money you can have in the tax-free environment.

The Government Age Pension is dependent on several elements such as your income and assets. These are assessed each year and/or when there is a change in your circumstances.  

If you’re intending to claim the Government Age Pension as well as setting up a Hostplus Pension account, chat to one of our financial planners about your goals.