Pension Accounts
When you’re eligible to access your super, our pension accounts can provide a regular income, tax benefits and added withdrawal options. After all, you’ve earned it.
How does a pension account work?
A pension account is like an extension of the super account you had while you were working, except you can withdraw money from it.
When you retire, a pension fund gives you regular income payments, taken from your super savings, or you can supplement your income while you ease into retirement using a Transition to Retirement strategy. Investment earnings are generally tax free for Retirement Income accounts and taxed at up to 15% for Transition to Retirement Income accounts.
If you're ready to retire or eligible to access your super and want to start using your retirement savings, then a pension account may be right for you.
Enjoy a regular income
Retirement doesn’t have to spell the end of your current lifestyle. With our account-based pension options, you receive a regular income paid directly to your bank account.
Tax-effective
If you’re aged 60 or over, pension payments, lump sum withdrawals, and your fund’s investment returns are tax free. In some cases, you can also set up a term allocated pension for better tax options.
Withdrawal options
With a Retirement income account, you’ll have the option to make lump sum withdrawals for those one-off expenses that come up. Any savings you don’t withdraw can stay invested and continue to grow.
Investment flexibility
Your savings remain invested in the superannuation environment, allowing you to choose the investment option or combination of investment options that best suit your needs.
Like some help from a Suncorp financial planner?
We know retirement planning can seem complicated at times, so it makes sense to get professional help. You don’t have to go it alone if you don’t want to and a financial planner can help you determine whether a retirement income stream is right for you.
