Accessing your super
Taking it in cash
If you close your member account in TransPersonal the amount payable is the net balance of your account, but you may not be able to cash it all in. The Government's preservation rules, which are designed to help you save for retirement, restrict how much of your super you can take in cash and when you can take it.
If you have any non-preserved super, you can generally take it in cash at any time. You can only take the rest - the preserved part - in cash when you reach your preservation age (minimum 55 depending on your date of birth) and retire permanently or earlier if you qualify for early release. In the meantime, you must keep any preserved amount in super by rolling it over.
Paying tax if you take cash
Tax may be payable if you take your super in cash. The amount of tax that you pay depends on your age and the type of components that make up your payment.
Read more about tax on super
Rollover option
The tax advantages of combining your super may make it worthwhile to roll over all of your super into a single account - including the cashable non-preserved part.
Find out more about rolling in other super.
Purchase a superannuation pension
When you retire, you can use your super to buy a superannuation pension. TransPension provides two types of pensions (transition to retirement and account based) that give you access to ongoing income and great tax advantages. You choose how much income you want to receive (within set limits) and how often you want to receive it.
Find out more about how to join TransPension
If you die
If you die while a member of TransPersonal, your member account (and any insurance payment from TransPersonal) is paid to your surviving dependants or to your estate.
You can nominate your preferred beneficiaries (i.e. your dependants) when you join TransPersonal or advise/update your beneficaries using MemberAccess.
The Trustee will take your nomination into account when deciding who should receive your death benefit.
Temporary residents
Temporary residents can withdraw their super as a Departing Australia Superannuation Payment within six months of leaving Australia (provided certain conditions are met).
If you want to withdraw your benefit as a Departing Australia Superannuation Payment, contact us to request an Application for Withdrawal form. If you are overseas, call us on +613 9633 8000, between 8am and 8pm (AEST), Monday to Friday.
A cheque for the payment of your account (less any applicable taxes and fees plus interest) will be mailed to you.
If a temporary resident does not apply to TWUSUPER for withdrawal within six months of permanently leaving Australia, we are required to transfer the benefit to the Australian Taxation Office (ATO) as unclaimed super.
Former temporary residents need to claim any transferred benefits from the ATO. You will not receive an exit statement from TWUSUPER upon transfer.
You can apply for payment of your unclaimed super using the ATO's Temporary residents online application form.