Once you reach preservation age, permanently retire or reach age 65 and you have a VicSuper Flexible Income account, you can make partial withdrawals from your account at any time. (This is with the exception of withdrawals from funds invested in the Term Deposit Option. Refer to the VicSuper Flexible Income PDS for more information.)
If you have a VicSuper Flexible Income with the Transition to Retirement feature, lump sum withdrawals are generally not permitted and can only be made in the following circumstances:
- to cash in any unrestricted non-preserved amount
- to pay a Superannuation Surcharge debt
- to give effect to a Family Law payment split
- to satisfy a release authority from the ATO.
Tax on withdrawals
Under age 60
If you are under age 60, withdrawals may be subject to tax. Withdrawals can be classified as either 'lump sum' or 'income' depending on what you nominate. There is different tax treatment for 'lump sum' and 'income' withdrawals as detailed in the 'Taxes' section of the VicSuper Flexible Income PDS.
Regular income payments will be taxed based on your superannuation components, however you may be eligible for a 15% tax offset. Refer to 'Tax benefits' section of the VicSuper Flexible Income PDS for more information.
Age 60 and over
Income payments and lump sum withdrawals are tax-free (generally withdrawals are not permitted from VicSuper Flexible Income with the Transition to Retirement feature).
Refer to the VicSuper Flexible Income PDS for more information about the taxation that applies to withdrawals.
How to make a withdrawal
You can request a withdrawal through VicSuper MembersOnline, or contact our Member Centre on 1300 366 216 for details on making a withdrawal.
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