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A member is 60yrs, met an accident and cannot work. She is on workers comp. Can she withdraw pension/lump sum?
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Hi Shalendra
She can access super as a pension or a lump sum if she has met a condition of release.
If you provide more details I can respond. There are different options she could consider and it might depend on how much she needs to access as to what option she chooses.
Ways that she could possibly access superannuation are:
1) If still employed she could start a transition to retirement income stream (min 2% / maximum 10% of balance).
2) Take a lump sum or pension if there are any unrestricted non preserved benefits (check the member statement).
3) Consider if she has met the permanent incapacity or temporary incapacity requirements to be able to access her superannuation.
4) Did they have insurance in their Fund? Can they make a claim on that policy as a result of her injury.
Thanks
SMSF AAA