accessing your super

accessing super at retirement 

There's no set retirement age in Australia, so you can generally retire when you want to. 

Your super is designed to help support you financially when you retire, so the government has set rules on when you can access it. These are called ‘preservation rules’.

Generally, you can access your super when you’ve met a condition of release:

• when you’ve permanently retired or commence a transition to retirement income stream on or after preservation age which is now 60 years of age
• after reaching age 60, when an employment arrangement ceases
• when you reach age 65 
• if you become permanently incapacitated 
• if you have a terminal medical condition
• under financial hardship conditions. 

Setting up a regular retirement income

If you’ve reached preservation age and/or meet a condition of release, you can access a regular income from your super while your money keeps working hard for you with a retirement income stream. 

This is called an account-based pension, and it’s a flexible way to access your super after you retire.

By starting a retirement income stream (eligibility criteria applies) using your super, you can receive a regular income (generally tax-free if you're over 60) while your balance stays invested with a top-performing fund.*

More about HESTA Retirement Income Stream

Lump-sum withdrawal

You can access your super at retirement through a lump-sum withdrawal.

It's quick and easy to request a lump-sum withdrawal through your online account. 

You first need to meet at least one of these conditions:

• you are age 65 or over
• you ceased an employment arrangement on or after age 60.

Haven’t reached preservation age?

Speak to a HESTA super specialist to work out how you can maximise your super before you reach preservation age. We can help you get the most out of your superannuation investments and talk through your options based on your personal circumstances.

You can book a time with them whenever you need. It’s all part of being with HESTA.

Make an appointment

We’re here to help

You can visit our Retirement Hub for help with super and retirement planning relating to your HESTA account, so you’ll feel ready for your next chapter. 

We can help you with:

• understanding what you need to get started
• super and the Age Pension
• access to personal advice.

Visit the Retirement Hub or make an appointment to chat with someone in our team at a time that suits you. 

accessing super at preservation age 

Still working? A HESTA Transition to Retirement (TTR) account allows limited access to your super before full retirement and can help you maintain your income, whilst reducing your hours at work.

To be eligible, you must have met your preservation age. 

Your preservation age is the age at which you can generally start accessing your super. This is now 60 years of age unless you meet another condition of release.

If you'd like to discuss opening a TTR account with us, you can make an appointment with someone in our team at time that suits you.

financial hardship

You might be eligible to claim some of your super.

Who can apply for financial hardship?

You can apply for one payment of up to $10,000 gross (which is before tax) in a 12-month period if:

• you’ve received eligible Commonwealth Government income support payments for at least 26 continuous weeks, and
• are currently receiving these payments, and
• you can demonstrate you are unable to meet reasonable and immediate living expenses.

You can apply for any amount if:

• you’ve reached your preservation age plus 39 weeks, and
• you’ve received eligible Commonwealth Government income support payments for at least 39 cumulative weeks since reaching your preservation age, and
• you are currently either unemployed, or you are employed for less than 10 hours a week.

Tax on financial hardship payments

The super you withdraw if you are experiencing financial hardship is paid and taxed as a normal super lump sum.

Learn more on the ATO website.

How to apply for financial hardship

Read and complete the Financial hardship fact sheet and form (pdf) to apply. 

Return your completed form and other supporting documentation to us via email: hesta@hesta.com.au or mail to: HESTA, Locked Bag 5136, Parramatta NSW 2124.

compassionate grounds

There are 'compassionate grounds' on which super can be released early. They are specified by the ATO and relate to medical treatment, funeral assistance, and palliative care.

Who can apply to access super on compassionate grounds?

To access your super under compassionate grounds, you’ll need to prove you’re unable to meet the expenses for one or more of the following:

• medical treatment and medical transport for you or a dependant (if you apply for compassionate release of super for medical treatment, the law states it must be necessary to treat a life-threatening illness or injury, alleviate acute or chronic pain, or alleviate acute or chronic mental illness)
• palliative care for you or a dependant
• a loan payment or council rates so you don't lose your home
• modifying your home or vehicle, or buying disability aids for you or a dependant because of a severe disability
• expenses associated with a death, funeral or burial of a dependant.

You can find the full set of conditions on the ATO website.

Tax on compassionate grounds payments

The amount is paid and taxed as a lump sum. If you’re aged under 60 the amount will be taxed between 17% and 22%. If you’re aged over 60, the amount will be tax-free.

How to apply

The Australian Taxation Office (ATO) deals with the early release of super on compassionate grounds. The ATO determines the amount to be released from your super fund.

To apply, access the ATO application form, or visit ato.gov.au linked services in myGov. Alternatively call the ATO on 13 10 20.

first home super saver scheme

The First Home Super Saver (FHSS) scheme lets you save a first home deposit by making voluntary before or after-tax contributions to your super.

You can’t use contributions made to your super by anyone else — employers, government co-contributions, or a spouse — instead, you use the FHSS scheme to save your own contributions.

If you’re eligible for the FHSS scheme, you can use your super account to save up to $15,000 each financial year, up to $50,000 in total across multiple years.

Find out more about the FHSS scheme.

temporary residents

If you're a temporary Australian resident, you can claim your super when you permanently leave the country.

Temporary Australian residents can also access super before they leave, but only under certain conditions.

Go to the ATO's Departing Australia Superannuation Payment (DASP) online application system for more information.