Make a withdrawal

With an LGIAsuper Pension account you can make up to 12 lump sum withdrawals (of at least $1,000) each financial year at no cost.

How do I make a withdrawal?

Simply complete the relevant withdrawal form and return it to us.

Account type What to complete
Pension account Pension benefit withdrawal form (P02)
Accumulation account Benefit withdrawal form (B01)

You can also use these forms to make a full withdrawal (take out your entire benefit) or transfer part of all of your balance to another super fund. Just remember though, if you transfer or withdraw your full benefit you will lose your LGIAsuper membership and all the benefits membership brings. So before making a full withdrawal or transfer, contact us to speak to someone about your options.

Will my withdrawal be taxed?

Most withdrawals are tax free once you turn 60. If you’ve reached your preservation age but are under age 60, withdrawals are taken proportionally from your tax-free and taxable components. Your tax depends on the amounts of your previous withdrawals. For more information, download our Superannuation tax info sheet.

How long will it take to receive my money?

Your withdrawal request will usually be processed within 3-7 working days after we have received your completed form. It may take slightly longer to process in some cases, including during July when we complete end of year processing or when you leave local government employment.

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