HOW DO I…withdraw super from my account (full withdrawal/close account)?

 

We're sorry you're thinking of leaving – please take a moment to consider a few of the great reasons to keep your account with us:
  • Our fund's core focus is on the best interests of members, not profits.
  • Our fees are among some of the lowest for super and pension products in Australia.
  • You can see your super balance right alongside your everyday savings through the Commonwealth Bank NetBank and CommBank App platforms.

Importantly, if you’re considering closing your account with us, please keep in mind that eligibility rules apply if you change your mind and want to re-join us in the future. Generally you can only re-join us if you are a current employee of the Commonwealth Bank Group, or the partner or spouse of a current member.

Things to know before you start:

  • Super is designed to provide an income for you in retirement so it’s important to consider any long-term effects if you withdraw your super in cash before retirement.
  • There may be significant tax implications if you withdraw your super in cash before age 60 – refer to our How super benefits are taxed fact sheet.
  • If you close an Accumulate Plus or Defined Benefit account, any insurance cover or entitlement to a death or disability benefit may cease.

Getting started:

  • Accumulate Plus (super) accounts
    • Step 1:

      If you intend to withdraw any of your super in cash, check that you have met a condition of release allowed by law.

      Step 2:

      Complete our Withdrawal form.

      Step 3:

      If you joined the fund on or after 12 December 2007, you should also complete our Identification and verification form, unless this has been completed for our fund previously.

      Step 4:

      Once we’ve received your completed forms and processed the request, generally within a couple of days, we’ll write to you confirming the transaction and closure of your account.

  • Retirement Access (pension) accounts
    • Step 1:

      If you intend to withdraw your super in cash, check that you have met a condition of release allowed by law.

      Step 2:

      Complete our Withdrawal form – ensure you have indicated on the form whether you’d like the withdrawal treated as a lump sum payment or an irregular pension payment, as different tax and social security implications may apply.

      Step 3:

      If you joined the fund on or after 12 December 2007, you should also complete our Identification and verification form, unless this has been completed for our fund previously.

      Step 4:

      Once we’ve received your completed forms and processed the request, generally within a couple of days, we’ll write to you confirming the transaction and closure of your account.

  • Defined Benefit accounts
    • If you’re a deferred or post-employment member and considering withdrawing your defined benefits, it’s important to understand how this may affect your retirement entitlements – refer to the Member Booklet for your division for more information.

      Step 1:

      Please call us on 1800 135 970 to request a benefit quote (including payment/withdrawal forms) if needed.