Q: My self-managed super fund is in pension phase, but I would like to make a large withdrawal of $500,000. Would I be better off taking this as a lump sum or as part of a pension? If I take this as one amount, how will it affect my tax-free balance as either a lump sum withdrawal or a pension payment? Gordon.

A: Whether it’s to pay off a mortgage, carry out a major home renovation or buy an investment or holiday property, there can be many reasons someone might wish to withdraw a sizeable amount of money from their super.