Mercy Super - Always for you

Once your eligible and satisfy a condition of release, you can make a cash withdrawal from your Mercy Super account. Alternatively, you can rollover part or all of your Mercy Super account to another fund at any time.

Eligibility to make a cash withdrawal

Your super is a long-term investment designed to support you in retirement. Because of this, there are strict rules that govern when you can access your super which are known as a condition of release. You are eligible to make a cash withdrawal when you:

  • Have reached your preservation age and are permanently retired
  • Have reached age 60 or above and stopped working with your employer
  • Are aged 65 or over
  • Are withdrawing an amount from the unrestricted non-preserved component of your super
  • Have been approved for an early release payment on compassionate grounds from the Australian Taxation Office
  • Are accessing your total benefit less tax which is less than $200 after ceasing employment with your employer
  • Have been approved release due to permanent incapacity or terminal illness

Preservation Age

Your preservation age is generally between 55 and 60, depending on your date of birth. The table below provides your preservation age according to your date of birth.

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 to 30 June 1961 56
1 July 1961 to 30 June 1962 57
1 July 1962 to 30 June 1963 58
1 July 1963 to 30 June 1964 59
1 July 1964 or after 60

Understand any tax implications

Lump sum withdrawals from your Super Account are taxed as super lump sum payments.

If you are age 60 or over, then any withdrawals from your Income Account are tax free.

If you are under age 60, these payments are generally divided into tax-free and taxable components and are taxed according to your age as shown in the table below. The tax-free and taxable components are calculated using complex rules, but in general, the components depend on the source of the original contribution and the nature of the payment being made.

The tax on the taxable component of retirement lump sum payments is as follows:

You are… Your taxable component is… Your tax-free component is…
Less than preservation age Taxed at 20% (plus Medicare levy) Tax-free
1 July 1Preservation age to age 59 The first $225,000 (2021/22)* is tax free. You pay tax at 15% on the balance (plus Medicare levy) Tax-free
Age 60 and over Tax-free Tax-free

*This cap is indexed, but only when indexation produces an increase of $5,000 or more.


  • The tax rates shown in the table above assume you have supplied your Tax File Number (TFN) and that there is no untaxed element of your benefit in the Fund
  • When withdrawing a lump sum from your Super Account, the amount withdrawn will need to be paid in proportion to your taxable and tax-free components
  • Different tax rates apply to payments made in relation to terminal Illness, death, total and permanent disability and Departing Australia Superannuation Payments. Refer to the Super Account guide which is available at for more details.

Provide proof of Identity and copy of bank statement

If you’re eligible and are looking to make a cash withdrawal from your super, you will need to provide certified proof of your identity along with a copy of your bank statement along with your completed Benefit payment instructions form.

This is to make sure the instructions are coming from you and any payment is being made to a bank account in your name.

Rolling over part or all of your super to another fund

To enable us to rollover part or all of your Mercy Super account to another super fund you will need to provide a completed Benefit payment instructions form with the following details for the other super fund:

  • Fund name and your membership number in the other fund
  • Contact address for the other fund
  • The Australian Business Number (ABN) and/or Unique Superannuation Identifier (USI) of the other fund, or an Electronic Service Address if you are rolling your super into a Self-Managed Super Fund. If the fund you want to transfer your super to doesn’t have an ABN you will need to contact the Fund directly to request evidence of their complying status, such as their notice of compliance

In addition, if you intend to rollover to a registered Self-Managed Super Fund you will also need a copy of evidence of a bank account in your fund’s name (such as a bank statement) and certified proof of your identity.

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