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Retirement is a major life moment that gives you a lot to think about, like what you want to do with your SASS benefit. There are different options you can choose from when it comes to withdrawing your money, so you can pick one that’s right for you and your situation. Let’s take a look at when you can access your benefit and what to do with it.
 

Cashing out your SASS benefit

If you would like to cash out your SASS benefit, there are scheme and government super rules you must meet.

You can withdraw your super, including your SASS benefit, if you’re:

  • 60 or over and change employers or retire 
  • 65 years or over, whether you keep working or not.
     

There are very limited circumstances where you can access your SASS benefit before you turn 60. You may be able to access your benefit early under special circumstances, like financial hardship or total and permanent incapacity.
 

What happens next?

Once you take your benefit, you’ll no longer be a contributing SASS member, whether you keep working or not. You have a couple of options for the money you’re withdrawing from the scheme and there are tax implications to consider for each of these. 

 

Cash out and... What about tax?

1. Take a lump sum

 

 From age 60, money you withdraw as a lump sum is generally tax-free.

It’s also important to be aware that you’re taking your money out of a tax effective environment. Caps and rules relating to super will apply if you choose to contribute it back into a superannuation fund in the future.
2. Roll over to another super fund (for example, to an account-based pension).  You will not pay any personal income tax on money rolled over from SASS to another super fund, such as Aware Super.
3. Combine both options  See above.

 

Keeping your money in super

Leaving some or all your money invested in super can be a very tax-friendly way to keep your money invested and help your money last throughout your retirement. 

One way to do this is with a Retirement Income account, which is also called an account-based pension. This account keeps money from your SASS benefit invested and pays you a regular income. The amount you get paid and how often is up to you, subject to minimum limits set by the government.

 

Features of a Retirement Income account
 

When you can open a retirement income account^

If you are age 60 and retired.

If you stop working after age 60.

If you are 65 or over, even if you’re still working.
Income payment amounts

You can access regular payments and lump sums, with a minimum annual withdrawal limit set by the government. 

Once the money in your account runs out, payments will stop.
Payment frequency Flexible payment options including fortnightly, monthly, quarterly, half-yearly and yearly.
Investment options for retirement You choose an investment option for your money or go with the default from your account provider.
Tax on your income payments If you’re over 60, you pay zero tax on your income payments or investment earnings.
Maximum investment amount The general lifetime limit is set by the government and is currently $2 million.  

^ Before you exit SASS, it's important to check if you have a defined benefit pension option as a feature of your SASS account.

It’s also important to note that retirement income and investment earnings are not guaranteed. Payments will cease once the account balance is depleted.

When your money stays invested it has the opportunity to keep growing.1 Throughout your retirement around 30% of the retirement income from super could come from investment earnings.2  So, it pays to keep your savings invested. Learn more about your options for investing in retirement.

Set up your retirement with help from an expert 

Exiting SASS and accessing your SASS benefit is a major milestone, and often a once-in-a-lifetime decision. The best way forward for you will depend on different factors, like your age, income, lifestyle goals, family situation, and plans. 

An Aware Super financial planner can help you:

  • understand the tax implications of each option
  • plan a transition strategy that fits your life
  • make the most of your benefit and avoid costly mistakes.
     

Aware Super financial planners can help you make confident decisions about your super and retirement. Your first appointment with an Aware Super financial planner is free of cost or obligation. Book an appointment at aware.com.au/statesuperadvice or call 1800 841 633.

Where to next?

Protecting your super from scams

Is a living inheritance right for you and your family?

A simple guide to your SASS statement

Ask an expert

Market review and outlook

Back to Edition 22

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Book an advice appointment 

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Book a no-cost, obligation-free appointment with an Aware Super financial planner.

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Next steps for deferred members

If you’re a SASS deferred member, knowing your options can help you make sure you have the funds to suit your retirement lifestyle.

Next steps

1 Past performance is not an indicator of future performance.

2 Aware Super modelling, 28 August 2025.

General advice only. Consider your objectives, financial situation or needs, which have not been accounted for in this information and read the relevant PDS and TMD before deciding to acquire, or continue to hold, any financial product. Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. You should read the Financial Services Guide, before deciding about our financial planning services. Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340), trustee of Aware Super (ABN 53 226 460 365).