How much can I withdraw?

There are some minimum and maximum amounts you can withdraw from your super, which vary depending on how you take the money out. There are also tax implications for each type of withdrawal which will also vary, depending on your age, how old your benefit is and the type of fund it has been in.

If you're withdrawing a lump sum

There are generally no limits on how much you can withdraw, although the system does encourage you to draw on your super payout through a pension. Previous limits, known as Reasonable benefit limits, were abolished in 2007.

Transition limits

There is a maximum annual withdrawal limit of 10% of the balance for transition to retirement pensions (in addition to the applicable minimum annual withdrawal limits).

Account based pensions

Age        Minimum annual payment as percentage of balance 
55 to 64 years old       4%
65 to 74 years old       5%
75 to 79 years old       6%
80 to 84 years old       7%
85 to 94 years old       11%
95 years old and over       14%

How to review your withdrawal value in My AMP

  1. Login or register for My AMP
  2. Select your super account
  3. Click the View more tab under the I want to menu
  4. Select Account information and scroll down to Withdraw details.

If you have Term Deposit Investment Options (not available within all products), please consider:

  • The initial amount invested is included in the account balance and withdrawal value
  • Notional investment earnings are included in the withdrawal value
  • Adjusted crediting rates apply if a Term Deposit is terminated early.

Accruals

What's an accrual?

An accrual is a debit or credit that is applied to your balance if you close your account and withdraw your funds. Some accruals represent interest you've earned or payments you've made in advance, such as insurance premiums. In these cases, the amount is added to your balance. Other accruals represent charges that are applied to your account in arrears, such as management fees. In these cases, the amount is taken off your balance.

Let's say you pay a monthly insurance premium of $69.12 in advance. If you were to close your account and withdraw your funds 10 days after your last payment, you would receive a partial refund of $51.84, representing the balance of 20 days you have already paid.

What does the accrual amount mean?

You can find out your exact accrual amount within My AMP. Your accrual amount represents the sum total of your debits and credits. If you see a positive number, then your total accruals amount to a credit that would be added to your total account balance if you were to close your account and withdraw your funds. If you see a negative number, then your total accruals amount to a debit that would be taken off your total account balance if you were to close your account and withdraw your funds.



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What you need to know

Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au or by calling 131 267. Read AMP’s Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). All information on this website is subject to change without notice.