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Retirement

As a member of ADF Super your super contributions, along with investment earnings, accumulate to form your retirement benefit.

Your superannuation benefit can be paid to you when:

  • you retire permanently on or after your preservation age (generally 60—refer to the table below)
  • you stop employment on or after age 60
  • you reach age 65 (even if you're still working).

When you retire, ADF Super will pay your benefit to you as a lump sum.

If you're ready to make a withdrawal, complete a Withdraw your super form.

Planning for retirement

Most of us simply want to maintain our current lifestyle and income into and throughout retirement. How can we do this? Start by thinking about some important questions:

  • How much income do I need to live on?
  • How long does it need to last?
  • Will I have enough money?
  • How can I maximise my final retirement benefit?

How much super do I need when I retire?

Your super might have to last you for a long time after you retire — 20 years or more.

ADF Super has a comprehensive calculator to help you determine how much super you will have when you retire. If you think you'll need more, you can top up your super with extra contributions.

How will my super be paid to me?

ADF Super will pay your super as a lump sum.

What can I do if I want my super paid as an income stream?

ADF Super doesn't currently offer income products or pensions for your super. If you would prefer to receive your super as a pension, you can transfer your super to another fund. To do this, complete a Withdraw your super form.

Can I take out some super as I transition to retirement?

ADF Super doesn't currently offer transition to retirement options to members.

Transition to retirement arrangements allow people to access part of their super as an income stream when they have reached preservation age and are still working.

How is my final super benefit calculated?

Your super benefit is valued and declared in units. When you withdraw super, you cash in or redeem your units at the applicable daily unit price on the business day your application is processed (which may not be the same day you request to withdraw).

We'll process your withdrawal request and pay your eligible benefit using the unit price applicable to your investment option or mix of options.

Find out more about super performance and investments

How much tax will I pay?

If your super is paid to you as a lump sum after the age of 60, no tax is payable. Tax may be payable if you receive a lump sum benefit before reaching 60.

I'm retiring. How do I withdraw my super?

Complete a Withdraw your super form

What support is available when I retire?

Retiring is a new stage in your life, and a big change from working every day. Keeping active and social is important for your long-term health.

The trustee of the ADF Super, Commonwealth Superannuation Corporation (CSC), has set up The 3rd Act – Freedom in Retirement program to encourage and support members to take a more holistic approach to planning for retirement. Visit the 3rd Act website.

Organisations such as the Department of Veterans’ Affairs, the Alliance of Defence Service Organisations and the Returned Services League also offer support for retired veterans.

Retirement and preservation age

Your preservation age is generally the minimum age you can access your super. It is set by law, and ranges from 55 to 60 depending on your date of birth.

Your date of birth

Preservation age

Before 1 July 1960

55 years

1 July 1960 to 30 June 1961

56 years

1 July 1961 to 30 June 1962

57 years

1 July 1962 to 30 June 1963

58 years

1 July 1963 to 30 June 1964

59 years

After 1 July 1964

60 years

 

Retiring on or after your preservation age

When it comes to superannuation, ‘retirement’ has a specific definition related to your age and your intention (or not) to continue working.

To claim your superannuation at retirement, you must also reach preservation age, which is generally age 60 for people born after 1 July 1964 (see table above).

If your preservation age is less than 60, you are deemed to have retired when:

  • your gainful employment has ended, and
  • you demonstrate that you don't intend to return to gainful employment in the future.

If you have reached 60 years of age, you are deemed to be retired when your gainful employment has ended, and either:

  • you reached the age of 60 before the employment ended, or
  • you demonstrate that you don't intend to return to gainful employment in the future.

‘Gainful employment’ generally means employment (including self-employment) for gain or reward for at least 40 hours in a period of not more than 30 consecutive days in the financial year.

Reaching age 65

When you turn 65 you can access your super, even if you are still working.

How do I claim my retirement benefits?

Complete a Withdraw your super form.