Drawing an income
Flexible and easy
Your Statewide Super Pension account provides you with all the flexibility you need.
Not only can you choose how much money you want to receive in each payment, you can also choose to be paid fortnightly, monthly, quarterly, half-yearly or yearly.
And if you want to withdraw a lump sum at any time, we make it easy for you to do that too by logging into your secure Statewide Super Account.
Don’t forget the minimum payment rule
Under Australia’s superannuation law, once you turn your super into a pension account, there is a minimum amount you must receive each year. The minimum amounts are based on your account value and age at the commencement of your pension, and is then re-set on 1 July every year.
The minimum payment requirements are:
|Age||Share of your balance||Temporary minimum annual payment |
percentage factor 2019–20 and 2020–21
|65 – 74||5%||2.5%|
|75 - 79||6%||3%|
|80 – 84||7%||3.5%|
|85 – 89||9%||4.5%|
|90 – 94||11%||5.5%|
Is there a maximum payment limit?
Not if you have a Statewide Super Pension account (i.e. you’re fully retired).
However, if you have a Transition to Retirement (TTR) pension, the maximum amount you can receive is 10% of your account balance each year.