IMPORTANT INFORMATION

One off payment

It is important for you to consider your own personal financial circumstances, objectives and needs (your needs). We provide general information only and it may not be right for you. If you would like someone to help consider your needs before you make a one off lump sum withdrawal from your Income account (or, in limited circumstances, your Transition to retirement account) you should speak with a licensed or appropriately authorised financial adviser. To speak with an NGS Super financial adviser please call us on 1300 133 177.

There are a number of easy steps to consider regarding one-off payment from your pension account, these are:

  1. Requesting a payment;
  2. Maximum amount for withdrawal;
  3. Proof of identity;
  4. Time for processing your request;
  5. Confirmation of your request;
  6. Transition to retirement accounts;
  7. Submitting a request

Requesting a payment

You can request lump sum withdrawals from your Income account, in addition to your regular pension payments, at any time.

The lump sum amount requested will be drawn from your investment options in the same proportion as your regular pension payments. The requested amount (net of tax and fees where applicable) will be transferred to the same bank account as your regular pension payments.

Note, some restrictions apply if you have a Transition to retirement account. See important information below.

Maximum Amount for Withdrawal

Please note the maximum available amount may not be equal to your total account balance. Please read the important information below for more detail.

Proof of your identity

If you have not previously provided an acceptable certified copy of a document that proves your identity, this will be required in order for your request to be processed. For further information about proving your identity, please visit the NGS Super website at www.ngssuper.com.au/completing-proof-of-identity and read the Income Account Guide or Transition to Retirement Account Guide as appropriate at www.ngssuper.com.au/PDS

Time to Process Your Request

Your lump sum payment request may take up to three days to process into your bank account from receipt of the unit price. Note, your payment may take longer if processing into a Credit Union account. Your lump sum payment request will be processed using the latest unit price(s) available at the time your request is processed by the Administrator.

Confirmation of your request

Your transaction will only be processed if you have received a Receipt Number. If you tried to do a withdrawal but you haven’t received a Receipt Number please call us on 1300 133 177.

Your transaction will not be visible on this site until it is processed by us.

Transition to retirement accounts

If you have a Transition to retirement account, lump sum withdrawals are only allowed in the following circumstances:

  • To cash any unrestricted non-preserved component of your super account. The minimum amount you can cash of your unrestricted non-preserved amount is $5000.
  • To pay a superannuation surcharge debt
  • To give effect to a family law payment split
  • To pay an excess contributions tax assessment.

SUBMITTING A REQUEST:

By submitting this request you:

  • understand the lump sum amount requested will be drawn from your investment options in the same proportion as your regular pension payments. The requested amount (net of tax and fees where applicable) will be transferred to the same bank account as your regular pension payments.
  • your lump sum payment request may take up to three days to process into your bank account from receipt of the unit price, and may take longer if processing into your Credit Union account.

If you have already submitted a payment request from your account in the last two weeks, you understand that by submitting this payment request a new lump sum withdrawal request will be created in addition to your existing request. (If you wish to view the status of your existing withdrawal request, see Account Activity).

Privacy Policies

By submitting this request for a one-off payment, I understand and consent to my information being collected, disclosed and used in the manner set out in our Privacy Policy.