Your options if you leave the SA public sector

The retirement age in the Pension Scheme is age 55.

Members over age 55 who exit the scheme receive a retirement entitlement while members who receive a TVSP before age 55 receive a resignation entitlement.

Any entitlements taken in cash will be subject to applicable tax rates which are determined by your Commonwealth Government preservation age. 

Over 55

If you are over 55 and take a Targeted Voluntary Separation Package (TVSP) you will receive your retirement fortnightly pension and the balance of your Rollover Account.

 

Between 45 and 55

If you are between 45 and 55 you can either:

  • take your entitlement as a lump sum within three months of accepting your TVSP
  • take your entitlement as a fortnightly pension (with the option to commute within the first three months)
  • preserve your money in the Pension Scheme, to be claimed between age 55 and 60, subject to applicable tax rates
  • roll your lump sum entitlement into a complying super fund, such as the Super SA Flexible Rollover Product

 

Under 45

If you are under 45 you can either:

  • take your entitlement as a lump sum within three months of accepting your TVSP
  • preserve your money in the Pension Scheme, to be claimed between age 55 and 60, subject to applicable tax rates
  • roll your lump sum entitlement into a complying super fund, such as the Super SA Flexible Rollover Product

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 Government preservation rules. This means that, depending on your age and circumstances, you may have to wait longer to access this portion of your entitlement.

If you wish to claim your unpreserved entitlement in a lump sum or fortnightly pension, you must apply within three months of finishing work. It is important to note that entitlements taken in cash are subject to applicable tax rates which are determined by your Commonwealth Government preservation age.

You should also consider getting some professional financial advice to help you make decisions right for your circumstances.