Age retirement

In general, you cannot access your superannuation benefits in full until you reach your preservation age and permanently retire from the workforce. If you leave CSS before your minimum retirement age (generally age 55), you are entitled to a resignation benefit which you can choose to preserve in CSS.

If you intend to retire at your minimum retirement age, you may receive a CSS higher pension benefit if you resign and preserve your benefit at least two calendar days before you reach your minimum retiring age (known as 54/11).

Please read your CSS Product Disclosure Statement and consider professional advice as age retirement or 54/11 can vary greatly depending on your personal situation.

Any accrued surcharge debt you have is recovered when your benefit is paid.

Age retirement options

Which means

Take a CPI indexed pension plus a lump sum*

You receive a CPI indexed pension, plus a lump sum* of your member and productivity components.

Take a CPI indexed pension and your choice of:

  • non-indexed pension, and/or

  • a refund of your productivity benefit

You receive a CPI indexed pension and must choose how you wish to receive your member and productivity components – either in full as a non-indexed pension or as both a non-indexed pension (paid from your member component only) and a lump sum* amount (paid from your productivity component only).

Postpone all or some of your CSS benefit

You can elect to receive your whole benefit for payment at a later date, as long as you have not permanently retired from the workforce. You choose to take your member component as a lump sum up to your SIS upper limit or as a non-indexed pension.

Take a lump sum* only

You receive your entire CSS benefit as a lump sum amount; to elect this option you must be an ex-Provident Account member and retire at or after age 60.

*The Superannuation Industry (Supervision) Regulations 1994 determines how much of your lump sum benefit can be accessed as cash.

If you have reached:

  • your preservation age and permanently retired from the workforce, or;
  • age 60 and no longer work for the employer who contributed to the CSS on your behalf, or;
  • age 65.

you can access your entire lump sum benefit as cash. However, if you have not met one of the above conditions, your access to a cash lump sum will be restricted. The amount that can be accessed as cash - your 'unrestricted component' - will vary depending on your situation, and is shown in your benefit estimate. Any part of the lump sum exceeding the unrestricted component is classed as 'compulsory preserved' and must be paid to a regulated super fund.

You should contact us on 1300 000 277 to obtain a benefit estimate if you haven't already.

When must I elect my choice?

You have up to three months before to three months after your retirement date.

How do I withdraw my deferred CSS benefit?

Send us your CSS benefit application form no later than two months before you wish to be paid your CSS benefit.

What if I keep working?

If you have not ceased employment, you will still be eligible for age retirement benefits, however any cash lump sum may be restricted to your SIS Upper Limit.

Once you reach age 60, however, you WILL BE regarded as permanently retired if you are no longer employed by the employer who contributed to CSS on your behalf.