While superannuation is designed to help you build long-term financial security, life doesn’t always go to plan — and there are times when you may need to access your savings.

This section outlines the circumstances in which withdrawals are permitted, how much you’re entitled to, and what fees may apply.

Under the Superannuation Act of 2000, members can withdraw their savings under specific circumstances, including unemployment, retirement, permanent disability, death, or emigration.

Unemployment

If a member is unemployed for 12 months or more and has not obtained new employment, they are entitled to a full withdrawal of their savings.

After three months of continuous unemployment and the member suffers financial hardship, they may withdraw a portion of their funds.

• If total contributions are less than K1,000 – The full balance may be withdrawn.
• If total contributions exceed K1,000 – Members may withdraw K200 per month or 50% of their last monthly gross salary, whichever is greater.

Retirement

For members aged 55 or over who have retired from active employment, a full withdrawal is available (although we recommend that you leave your funds for more than five years due to tax benefits).

Independent tax advice is recommended for personal circumstances.

Disablement

If a member experiences permanent or total incapacity to work, they are entitled to an immediate payout of their superannuation savings.

Death

In the unfortunate event of a member’s passing, the funds are paid out to the nominated beneficiaries. Please ensure you have advised PacSuper of your nominated beneficiaries, and you can update them anytime via our Member Portal.

Emigration

Where a member permanently emigrates from PNG, their contributions will not be paid immediately. Savings become accessible one year after leaving employment or at age 55, whichever occurs first.

Transfer

Employer-contributed funds can be transferred to another PNG Approved Superannuation Fund (ASF) with a 75% employee vote. Voluntary contributions made by individual members can be transferred to PacSuper at any time.