Taking a super pension is a way of getting money out of your super fund, whether it is a self managed fund or a retail fund. Superannuation funds may pay benefits in the form of a pension to its members where they meet certain conditions of release. Most commonly this is when a member reaches their preservation age and wishes to commence a transition to retirement income stream to supplement their income or reaching the retirement age of 65. There are restrictions around how much can be withdrawn from the super fund, usually dependant on age. Individuals must withdraw at least 4% of their balance, this has to be a cash withdrawal and must be paid out of the fund before 30 June.
