Accessing Your Super
To minimize the tax on your superannuation payout at Nasfund, it's advisable to keep your savings invested for at least 15 years. By doing so, you can benefit from a reduced tax rate of only 2% on your exit payout, compared to higher rates that may apply if you withdraw earlier.
This long-term approach not only helps in maximizing your retirement savings through compound growth but also ensures that you pay the lowest possible tax on your superannuation funds when you eventually access them.
accessing your super
The general rules for accessing your superannuation are as follows:
Preservation Age: This is the minimum age at which you can access your superannuation if you have retired. The preservation age is 55.
Retirement: if you leave employment before reaching your preservation age, you cannot access your superannuation until you meet certain conditions or reach age 55.
Other Conditions: There are other specific conditions under which you can access your super, such as severe financial hardship during unemployment, terminal illness, or if you are permanently disabled.
Understanding these rules can help you plan better for retirement and manage your superannuation more effectively.
accessing your super
How To Access My Super
At Nasfund you can generally withdraw your savings when you reach the age of 55, provided you have retired or met the required conditions for early access, or you can use for Housing Advancement.
Under section 90 of the Superannuation Act 2000, members can withdraw savings due to unemployment, retirement, disability, death, or emigration.
When can you get your super?
To withdraw your superannuation from Nasfund, follow these steps:
- Check Eligibility: Ensure you meet the criteria for accessing your super, such as reaching the preservation age of 55 or turning 65, or meeting conditions for early access like financial hardship or permanent disability.
- Complete Application: Obtain and complete the appropriate withdrawal from Nasfund. You can usually find these forms on their website or request them from their customer service.
- Provide Documentation: Submit required documents with your application, which may include identification, proof of age, or evidence of your hardship or disability, depending on your situation.
- Submit the Form: Send your completed form and documentation to Nasfund. This can often be done online, by mail, or in person at their office.
- Processing: Nasfund will review your application and documentation. Processing times may vary, so check with Nasfund for expected timelines.
- Receive Funds: Once approved, nasfund will process your withdrawal and transfer the funds to your nomianted bank account.
If you haven't permanently retired
However, if you are still working and contributing to Nasfund, you can also access your savings after 12 months of unemployment.
Additionally, Nasfund allows early withdrawals under specific circumstances such as severe financial hardship after 3 months of unemployment, permanent disability, subject to their eligibility criteria. It's important to review Nasfund's specific policies or consult with a financial advisor to understand your options and ensure you meet all requirements.
When you can get your super
Getting Your Super Early
To withdraw your superannuation from Nasfund, follow these steps:
Check Eligibility
Ensure you meet the criteria for accessing your super, such as reaching the preservation age of 55 or turning 65, or meeting conditions for early access like financial hardship or permanent disability.
Complete Application
Obtain and complete the appropriate withdrawal form from Nasfund. You can usually find these forms on their website or request them from their customer service.
Provide Documentation
Submit required documents with your application, which may include identification, proof of age, or evidence of your hardship or disability, depending on your situation.
Submit the Form
Send your completed form and documentation to Nasfund. This can often be done online, by mail, or in person at their office.
Processing
Nasfund will review your application and documentation. Processing times may vary, so check with Nasfund for expected timelines.
Receive Funds
Once approved, Nasfund will process your withdrawal and transfer the funds to your nominated bank account.
Get in touch
Do you have a question for us?
Please contact us on:
Call: 1588 | Digicel: 7373 3000 | Vodafone: 7676 6000
Email: help@nasfund.com.pg or marketing@nasfund.com.pg
