Payment of benefits

Exactly how your benefit is paid to you, is dependant on the circumstances in which you applied for your resignation benefit.

At the date of resignation

Payments of accumulated contributions plus earnings
Contributions plus earnings can be paid as:

• an immediate cash lump sum which may consist of part or all of the contributions plus earnings that had accrued up to 30 June 1999, and
• a preserved lump sum component consisting of the contributions plus earnings, accrued after 30 June 1999. This component can only be rolled over to a complying superannuation fund like ESSSuper’s Accumulation Plan, or
• a rollover of both 1 and 2 above.

Payments of the present-day value lump sum
If you elect to convert your deferred benefit to a present-day value lump sum this can only be paid as:

• a rollover to a complying superannuation fund.

Under other circumstances

Your deferred benefit may also become payable if you:

• elect to convert your deferred benefit into a present-day value lump sum any time after your resignation up to your minimum retirement age, or
• successfully apply to receive it on the grounds of disability, or
• successfully apply for early release of part of the benefit on the basis of financial hardship or on compassionate grounds. See note below *, or
• attain age 65, or
• Die.

* If you are applying for release due to financial hardship and you are under age 55, you must provide written proof from Centrelink confirming that you have been receiving a benefit from them for at least six months.

From your minimum retirement age

Payment of your deferred benefit
To receive your deferred benefit, you will need to apply for it after reaching your minimum retirement age. It will be payable even if you have not yet retired from the workforce, although some of it may be subject to preservation. 

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