There is also an important distinction in regards to the type of work that returning workers must perform. To contribute back into a super fund, workers must work for "gain or reward". In other words, they cannot engage in volunteer work and must be paid some kind of salary.
This working requirement does not affect employer superannuation guarantee contributions (9.5 per cent of a salary) and relates to workers making additional contributions through after-tax contributions or salary sacrifice.
Workers can make super contributions up to the age of 74. Once workers reach the age of 75, no more voluntary super contributions can be made.
There is also no need for returning workers to open a new fund. Their current superannuation fund should accommodate to their new accumulation account as well as their existing pension account. However, workers cannot add any new contributions to their existing pension account, which is why they need to have a separate accumulation account.
Personal circumstances need to be taken into consideration when determining whether there will be cash flow or tax advantages in ceasing the pension. There is no requirement to stop a pension, but it is best to seek advice in regards to this.