How does a pension account work?
A pension account is like continuing with the super account you had all your working life, except you’re now allowed to withdraw money from it. It gives you regular income payments, taken from your super savings.
If you're ready to retire, eligible to get access to your super and want to convert your super to a retirement income stream, then a pension account may suit you
Receive a regular income paid directly to your bank account.
If you’re 60 or over pension payments and lump sum withdrawals are tax free. You also pay no tax on investment earnings.
The option to make lump sum withdrawals for those one-off expenses that come up.
Your savings remain invested, so it may continue to grow depending how it’s invested and how markets perform.