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?
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.
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.
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.
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.
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.
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.