A resignation benefit is payable if before reaching your minimum retirement age you:

  • voluntarily resign
  • are dismissed
  • change your employment status to temporary part-time
  • have your appointment annulled, or
  • complete an employment contract (which is not extended).

A CSS resignation benefit can also be paid to you in situations where you have no entitlement under any other provisions of CSS rules. Please check your preservation age and read your CSS Product Disclosure Statement first.

 Resignation optionsWhich means

1. Preserve your entire benefit for payment at least two calendar days before your minimum retirement age (generally age 55)

In this situation your benefit becomes your ‘deferred CSS benefit’ which you can take as your choice of a:

  • CPI-indexed pension and lump sum amount* (purchased with your member and any productivity components), or

  • CPI-indexed pension and a non-indexed pension (purchased with your member and any productivity components) or a non-indexed pension (purchased with your member component only) and a lump sum amount* (paid from any productivity component only), or

  • Lump sum amount only if you are an ex-Provident Account member and claim your preserved (deferred) benefit on or after age 60.

2. Take your member component as a lump sum amount* up to your SIS upper limit

Under this option you forgo most of your employer-financed component which forms the majority of your CSS benefit. We recommend you seek professional financial advice before making any decision.

3. Transfer your entire CSS benefit (also known as your ‘transfer value’) to an eligible super scheme

Contact us to check if this option is available to you.

*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.

Any accrued surcharge debt will be recovered when your benefit is paid.