Working after retirement
Returning to work
You've retired and decided you want to go back to work — so what does that mean for your super? If you've already opened an NGS Income account, you have a couple of options. You can either:
- keep your account and continue to receive income payments (with the potential to reduce the amount received) or
- transfer your account back into an NGS Accumulation account where you'll no longer receive income payments. You can do this by completing a Request for withdrawal form. You can always reopen an NGS Income account later, if you decide to stop working again.
Either way, you'll need an accumulation account, so your employer has somewhere to direct your employer contributions. If you decide to keep your NGS Income account open, you can apply for a separate NGS Accumulation account online.
Working part-time
In terms of your super, the options for returning to work part-time are much the same as returning full-time. You can either:
- keep your NGS Income account open, adjusting the payments you receive to suit your new cashflow or
- transfer your income account back into a new NGS Accumulation account, if you don't need the income payments during this time. You can do this by completing a Request for withdrawal form.
Again, you'll need an accumulation account when you return to work so your employer can make super contributions. If you decide to keep your NGS Income account open, you can apply for a separate NGS Accumulation account online.
Money when you need it
If you don't need a regular income from an NGS Income account yet, you can keep your money in your NGS Accumulation account for as long as you like. Being retired, you'll have access to your money when you want it — all you'll need to do is complete a Request for withdrawal form. This way, your super balance won't be eroded by income payments that you may have no use for.
It's important to remember that money in an accumulation account is still subject to 15% tax on earnings, compared to no tax in an income account environment. For more information, read our Fees, costs and tax guide.
