It's all about time
If you retire from the SA public sector at or after age 55 you'll receive a fortnightly pension.
Like employment income, your fortnightly pension is subject to PAYG tax and will depend on your total assessable income for the year. Each year Super SA will send you a PAYG Payment Summary - superannuation income stream, to help you complete your tax return.
You should provide us with your Tax File Number to make sure that you're not taxed at the highest rate.
Within three months of the date your pension commences, you have the option of exchanging part or all of your fortnightly pension for a lump sum payment. This is called commutation and is calculated by giving you a set lump sum amount (determined by your age) for each $1 of annual income you choose to forego.
It’s important you are aware that any part of your Rollover Account that was subject to preservation before it was rolled into the Pension Scheme will still be subject to Commonwealth preservation rules. This means that, depending on your age and circumstances, you may have to wait longer to access this portion of your entitlement.
Use the Benefit Projector in the secure member area of this website to see estimate your potential retirement entitlement.
Before claiming your entitlement you might want to consider the benefits of investing in the Super SA Flexible Rollover Product or the Super SA Income Stream, so that your money can keep growing as you transition to and throughout your retirement.
You should also consider getting some professional financial advice to help you make decisions right for your circumstances.