Transition to retirement
Once you have reached your preservation age, transition to retirement (or phased retirement) allows you to access your superannuation benefits, so you can draw on your super without having to retire permanently from the workforce.
For example, you could continue working part-time and use part of your super to supplement your income, instead of leaving the workforce altogether.
Under these rules, if you're still working, you will have to receive your super as a particular type of pension.
These pensions, known as 'transition to retirement pensions', will generally not be 'commutable' – that is, you won't be able to stop the pension and cash it out as a lump sum.
If you select a 'transition to retirement pension, you will be allowed to take a lump sum once you retire or reach age 65. Or you can stop the pension and put your benefits back into your super fund (for example, if you decide to go back to full-time work).
For more information about transition to retirement contact your super fund.