Transition to retirement options

You can now access your superannuation benefits without having to retire once you reach your preservation age (currently age 55 for most GESB members). Transition to retirement is available to all superannuation fund members who are able to receive their full pension benefits early and continue working.

Transition to retirement is a way to encourage you to remain in the workforce while providing you with a significant opportunity to boost your superannuation and prepare for a comfortable retirement.

What is transition to retirement and how does it affect you?

If you have reached your preservation age (currently 55 for most GESB members), transition to retirement allows you to access your superannuation while you are still working. You may choose to reduce your work hours to part-time or casual but you don't have to. If you do reduce your work hours, your superannuation benefits may help supplement your income. To access your benefits, you have to start an income stream which provides you with regular income but doesn't allow lump sum cash withdrawals, such as GESB's Retirement Income Allocated Pension.

Depending on your personal circumstances, transition to retirement offers an opportunity for you to:

• boost your superannuation by continuing to work and make extra super contributions;
• boost your income by receiving a retirement income stream as well as a salary;
• reduce your hours or change your work pattern without reducing income.

Transition to retirement for Pension Scheme members

If you are a member of GESB's Pension Scheme, you will be able to receive your full pension entitlements while continuing to work. GESB will contact you personally approximately six months prior to your preservation age (currently age 55 for most GESB members) with more information about how transition to retirement affects you and how to apply for it.

Find out more

GESB has a factsheet which lets you know how you can increase your earnings without increasing your work hours.

You can register online with GESB to attend a free transition to retirement GESB seminar.

Members of other superannuation funds should contact their fund for further information.