In addition to your regular pension income payments, you may be able to make lump sum withdrawals to help with out-of-the-ordinary expenses. A lump sum withdrawal means a one-off payment for a minimum amount of $1,000. Whether you’re eligible for this or not will mainly depend on which type of pension account you have.
If you have a TTR account, it is less likely you will be able to make a lump sum withdrawal, except in very limited circumstances. These could include situations like:
to satisfy a family law payment split
severe financial hardship
you have unrestricted non-preserved benefits in your account
If you’re not sure whether you are eligible, log in to your online account and check whether you have the ability to request a lump sum withdrawal or call our team on 1300 361 477.
If you have an Account-Based income stream, then making a lump sum withdrawal is much easier – in fact, you can request one anytime.
It’s easy, all you have to do is:
Log in to your online account.
Make sure you have proof of identity documents handy – such as your driver’s licence, Medicare card etc.).
Submit a request for a withdrawal.
If you need help, feel free to call us on 1300 361 477.
Eligible lump sum cash withdrawals will normally be counted towards the annual minimum payment limit that applies to all GuildPension accounts, plus the 10% maximum annual payment limit that applies to TTR accounts. To learn more about the minimum and maximum payment limits, see our Pension income payment options.
Page last updated 1 December 2023