Accessing your benefits at age 65

Once you reach age 65, you can choose to exit the scheme while still working and receive payment of your normal retirement benefit. This can be paid to you immediately or deferred within the scheme (as a lump sum only), to be paid at a later date. If you pursue this course of action you cannot take the withdrawal benefit as this is only available on resignation. If you choose to defer your benefit it will be adjusted for investment earnings and management charges up to the date of payment.

If you do exit your scheme before retirement, your employer will still be required under Commonwealth legislation to pay superannuation guarantee contributions to another complying superannuation fund on your behalf.

Once you reach age 70, SSS can no longer accept contributions and benefits cease to accrue. Only the normal retirement benefit is payable once you reach age 70. The option to take a withdrawal benefit instead of the normal retirement benefit is only available if you exit employment before age 70.

For more information, please refer to SSS Fact Sheet 20: Contributions and benefits up to age 70.