When the time comes to start drawing from your super, it helps to know how to make a withdrawal and limits you should consider. This is relevant to you if you're thinking about withdrawing your super early, approaching retirement or if you're a temporary resident who is permanently leaving Australia.
There are some minimum and maximum amounts you can withdraw from your super, which vary depending on how you take the money out. There are also tax implications for each type of withdrawal which will also vary, depending on your age, how old your benefit is and the type of fund it has been in.
If you're withdrawing a lump sum
There are generally no limits on how much you can withdraw, although the system does encourage you to draw on your super payout through a pension. Previous limits, known as Reasonable benefit limits, were abolished in 2007.
There is a maximum annual withdrawal limit of 10% of the balance for transition to retirement pensions (in addition to the applicable minimum annual withdrawal limits).
Account based pensions
|Age||Minimum annual payment as percentage of balance|
|55 to 64||4%|
|65 to 74||5%|
|75 to 79||6%|
|80 to 84||7%|
|85 to 94||11%|
|95 and over||14%|
How temporary residents can withdraw?
Taking your super home
Some temporary residents (on specific visas) who have departed from Australia can apply for the early release of their superannuation, excluding New Zealand citizens.
You can claim your super if:
- you were a temporary resident who visited Australia on a temporary visa
- your visa has expired or been cancelled, and
- you have left Australia.
If these three points apply to you, you can apply to claim your super at any time. To find out more visit our Temporary residents: taking your super home FAQ.
How to view your withdrawal value online?
Viewing your withdrawl value in My AMP
- Log into your My AMP account
- Select an account
- Click the 'View more' tab
- Select 'Account information' and scroll down to 'Withdraw details'.
If you have Term Deposit Investment Options (not available within all products), please consider:
- The initial amount invested is included in the account balance and withdrawal value
- Notional investment earnings are included in the withdrawal value
- Adjusted crediting rates apply if a Term Deposit is terminated early.
What is an accrual?
An accrual is a debit or credit that is applied to your balance if you close your account and withdraw your funds. Some accruals represent interest you've earned or payments you've made in advance, such as insurance premiums. In these cases, the amount is added to your balance. Other accruals represent charges that are applied to your account in arrears, such as management fees. In these cases, the amount is taken off your balance.
Let's say you pay a monthly insurance premium of $69.12 in advance. If you were to close your account and withdraw your funds 10 days after your last payment, you would receive a partial refund of $51.84, representing the balance of 20 days you have already paid.
What does the accrual amount mean?
You can find out your exact accrual amount within My AMP. Your accrual amount represents the sum total of your debits and credits. If you see a positive number, then your total accruals amount to a credit that would be added to your total account balance if you were to close your account and withdraw your funds. If you see a negative number, then your total accruals amount to a debit that would be taken off your total account balance if you were to close your account and withdraw your funds.
I want to consolidate my super
Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions available from AMP at amp.com.au or by calling 131 267. Read AMP’s Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757 (trustee). Risk products are issued by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group. AMP Life has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited. Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions available from AMP Life at amp.com.au or by calling 133 731. Read AMP Life’s Financial Services Guide for information about our services, including the fees and other benefits that AMP Life and/or other companies within the Resolution Life group may receive in relation to products and services provided to you.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). All information on this website is subject to change without notice.