Make a pension withdrawal
Generally, you can withdraw a lump sum from your Flexi Pension account at any time. Simply log in to your account.
Your withdrawal will be paid into your nominated bank account within 5 business days.
If you’re a Flexi pension member, you can access additional money in your pension whenever you need it, but you must withdraw a minimum of $2,000 and you must keep at least $10,000 in your account for it to remain open.
If you have a Transition-to-retirement (TTR) pension, you can only make lump-sum withdrawals under special circumstances.
If you have a Defined Benefit Indexed Pension or a Commercial Rate Indexed Pension, you generally have no ability to make lump-sum withdrawals.
More on indexed pensions.
Choose how the lump sum is paid from your pension
You can choose which investment options your lump-sum withdrawals will come from, but only if your pension account is invested in more than one investment option.
It’s worth revisiting your drawdown plan, so you can make sure you’re still in a good position once the withdrawal is made.
Read How we invest your money (PDF, 1.27 MB) before making the choice on how the lump sum is paid.
Making a withdrawal can affect some of your benefits and conditions
Before making a lump sum withdrawal consider the possible effect it might have on your tax or the dollar-returns on your investment options. There could also be other effects too, so it’s best to seek financial advice if you’re unsure.
If you have any questions about pension withdrawals, please contact us.