I just turned 60 and don’t need the money. Should I still draw from my super?

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Paul Benson Money contributor September 14, 2025 — 5.01am

I have recently turned 60 and could draw a pension from my accumulation super fund. However, I receive a generous pension from my defined benefit fund and have substantial savings.

While I understand a pension would be tax-free, I don’t see any benefit in drawing a pension given I don’t need the money, and would pay tax on the earnings generated from the accumulated unused pension payments. Am I missing something?

No, you aren’t missing anything. But here is the maths: let’s assume you have $500,000 in accumulation that could be converted into a pension.

Say your fund earned 6 per cent. In accumulation phase, where the tax rate is 15 per cent, that would mean tax payable o