Applying for the deferred pension from age 55

You can apply for the deferred pension from age 55 even if you are still working. If your normal retirement age is age 60 and you request payment of your benefit before age 60 then your deferred pension is paid at a reduced rate. However, part of your pension will be deemed a preserved pension if you have not met a Commonwealth condition of release. There are two options for this preserved portion:

1. You can elect for the preserved pension to remain deferred in SSS until you meet a condition of release. The amount of your preserved pension will accrue each fortnight to a deferred account in your name in SANCS together with the basic benefit) and your account will be adjusted with investment earnings at the Fund Earning Rate.
2. Alternatively, you can elect to take the preserved pension as a 'non-commutable' pension. This means that the preserved pension can be paid but your right to commute the pension is restricted.*

*The preserved part of the pension can only be commuted:

• by you within six months of the date the pension commences to be paid provided you have met a full condition of release during that six month period

• by your spouse or partner, including a same sex partner, should they receive a spouse pension after your death, within either:
  • 20 years of your pension commencing, or
  • the period of your life expectancy at pension commencement, if this is less than 20 years.

For more information about the preservation requirements and pensions, refer to the section 'How are pensions affected' in STC Fact Sheet 4: When can I be paid my superannuation benefits?