Accessing your super

Super account

Because super is a long term investment, strict rules apply in relation to how and when you can access your money. You'll only have access to your super when you have met a condition of release, as described on the ATO’s website.

To find out what evidence you will need and how to apply for the early release of your super on the grounds of being permanently incapacitated, temporarily incapacitated or for having a terminal medical condition. For more information, please visit ing.com.au, or speak with your financial adviser.

Before you make any withdrawal request you should check any tax or social security limitations and implications that may apply.

Refer to the 'How super is taxed' section in the Product Guide for further information on how these benefits are taxed.

You will need to provide certified proof of identification prior to accessing your super.

In addition, there may be monetary limits on the amount of money you can access from your super even if you satisfy one of the conditions of release.

Transition to Retirement account

A Transition to Retirement (TTR) account allows you to receive an income stream once you have reached your preservation age, while still working and contributing to superannuation. It enables you to draw down income payments subject to minimum and maximum income payments each year, as prescribed by law. Lump sum withdrawals are not allowed unless you have met a condition of release). The maximum income limit for the first financial year is 10% of the purchase price at commencement and in subsequent financial years is 10% of the account balance each 1 July.
The minimum level of income that must be taken from your TTR account each year is calculated as described on the ATO’s website. Please refer to ATO website for eligibility criteria.

There may be tax implications on pension payments made from your TTR account. Refer to the 'How super is taxed' section in this Product Guide for further information.

Pension account

Your minimum income payment is calculated by applying the relevant age-based percentage as shown on the ATO’s website, for the first financial year to your initial investment and in subsequent financial years to your account balance on 1 July. If you commence your income stream part way through a financial year, the minimum payment limit for that year will be reduced on a pro-rata basis.

You will be informed of your new minimum limit at the start of each financial year. If you do not request an alteration, you will continue to receive the same payments at the same frequency as the previous year (adjusted to satisfy the Government limit, if required).