Hi. I reached preservation age (58) in September 2020. I took my super as a lump sum to retire and signed the necessary declaration with my Super fund. The intention was to return and live in the UK for retirement. However due to restriction on international travel (COVID) I am unable to return to the UK. Can I return to fulltime work here in Australia until restrictions have been lifted? Thank you.
Hi @RobertE
We understand that circumstances change.
If the super fund was satisfied at the time that your intention was to retire and not return to work and have paid out your super, then you have met the requirements at that time to access your super.
If your circumstances have changed and you now must return to work, that's okay.
But, keep in mind that if you begin working again, your employer will likely need to make super guarantee payments for you.
If these go to the same super fund you accessed your super through, they may question your intention at the time you accessed your funds.
Hi @RobertE
We understand that circumstances change.
If the super fund was satisfied at the time that your intention was to retire and not return to work and have paid out your super, then you have met the requirements at that time to access your super.
If your circumstances have changed and you now must return to work, that's okay.
But, keep in mind that if you begin working again, your employer will likely need to make super guarantee payments for you.
If these go to the same super fund you accessed your super through, they may question your intention at the time you accessed your funds.
Hello,
I’m in a similar situation to @RobertE
is it against the law to return to work after retirement and a lump sum payout of your super?
or is it just between you and your super fund and the intention at time of withdrawal.
Is it just a matter of starting a new super fund with a new employer?
thank you!
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