make a lump sum withdrawal in retirement

You can withdraw as much as you like from your HESTA Retirement Income Stream account. 

Minimum balance requirement 

To keep your account open after a lump sum withdrawal, you must retain a minimum balance equal to the greater of:

• $1,500 (assessed as at 1 July each year), or
• the amount of your next regular pension payment.

If your balance falls below this minimum, your account may be automatically closed. 

If you're unsure about your situation, it's a good idea to get in touch with our advice team or speak to a financial adviser.

Lump sum withdrawals are typically processed within 3–5 business days once we've received your completed request and all required documentation (such as proof of identity).

Things that can delay processing include:

• incomplete forms or missing identification documents
• public holidays or end-of-financial-year processing periods. 

In most cases, no. 

A Transition to Retirement (TTR) Income Stream is designed to provide you with a regular income while you're still working, not lump sum payments. While you're still working and haven't reached age 65, your TTR account is generally restricted — meaning you can receive up to 10% of your account balance each year as regular income payments, but you can't withdraw a lump sum.

When you retire after reaching age 60, change employers after age 60, or you turn 65, your TTR account can convert to an unrestricted income stream, and then you'll be able to withdraw lump sums.

If you're unsure about your situation, it's a good idea to get in touch with our advice team or speak to a financial adviser.

Your retirement income is your money and you can withdraw as much as you want. But withdrawing large amounts or your full balance could be a big financial decision, and getting the right advice can make a real difference to your retirement outcome.

Even a quick conversation could help you avoid unnecessary tax or make your money last longer in retirement.

Get in touch with our advice team