Accessing your deferred benefit

The optional deferred benefit is payable (subject to Commonwealth Government preservation rules) if you apply in writing:

  • at any time on or after you reach the eligible retirement age shown on your Annual Benefit Statement (55 or 58)
  • if you suffer total and permanent physical or mental incapacity, where the incapacity prevents employment in any occupation it would be reasonable to expect you to undertake
  • on financial hardship or compassionate grounds (subject to eligibility conditions and payment limits)
  • in the event of your death, or
  • on retirement from the workforce, if:
    • you are 55 years or older and have reached your preservation age, and
    • you certify that you have permanently retired from the workforce; have no intention at any time in the future of seeking gainful employment; and are not receiving (or have applied for) unemployment benefits.

Can I take an immediate lump sum?

If you defer your entitlements in the scheme, you may take the original resignation or dismissal benefit (immediate lump sum) plus interest at any time, subject to the Commonwealth's compulsory benefit preservation rules. If you take the immediate lump sum you forfeit your right to the deferred lump sum and no further benefit is payable.

Do all benefits have to be paid out together?

You cannot arrange for the contributory benefits (your personal account and employer-financed amounts) to be paid out and leave the basic benefit and any co-contributions amount deferred. When your contributory benefits are paid out, the basic benefit and co-contribution amounts will automatically be transferred to Aware Super* unless you make alternative arrangements.

Can I leave my benefit deferred after my eligible retirement age?

If you have a deferred SASS benefit and reach your retirement age (55 or 58 depending on your category of membership), you can choose to remain deferred in SASS and your benefit will continue to grow in line with investment earnings. Alternatively, you can transfer or have your deferred lump sum benefit paid out of the scheme (subject to Commonwealth preservation requirements).

If a member elects to remain deferred in SASS after reaching their retirement age, they can apply for payment of their benefit at any time up to reaching age 70.

At age 70 all member benefits must be transferred or paid out of SASS.

What if I'm a public sector executive officer and still employed?

If you are a public sector executive officer who deferred a benefit without ceasing employment, you must cease the employment that gave rise to the deferred benefit before you can claim payment of the deferred benefit.

*Note: You should read Aware Super's product disclosure statement before making a decision about Aware Super. Call or visit their website for a copy.  Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Financial planning services are provided by Aware Super's financial planning business Aware Financial Services Australia Limited  ABN 86 003 742 756, AFSL No. 238430.