Hi @AndrewD,
This can work in principle under the transfer balance cap rules, but it depends on your personal cap and contribution eligibility at the time.
Withdrawing $500,000 from pension phase creates a transfer balance debit, reducing the amount counted against your personal cap. You can’t recontribute directly into pension phase – any recontribution must go into accumulation first.
If you’re eligible to make a non‑concessional contribution (including under the bring‑forward rule), you may contribute (for example, $360,000) to accumulation and later start a new pension, provided the amount transferred back doesn’t exceed your available personal transfer balance cap at that time.
The withdrawal doesn’t reset your cap. Starting a new pension later creates a new transfer balance credit. Your personal cap may also be less than the general cap due to prior use and indexation. Contribution rules (age limits, bring‑forward eligibility and total super balance limits) apply separately.
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