Pension options

Are you older than 55 and still working, or have you already retired? Depending on your personal needs, LUCRF Super has different pension options available.

Both of LUCRF Super’s pension options can mean you pay less tax. Our two pension options are:

If you would like to discuss LUCRF’s Pension options in more detail or want some advice about starting a LUCRF pension, please call our Contact Centre on 1300 130 780.

To start a LUCRF pension just follow the steps outlined on how to join LUCRF Pensions page.

Transition to retirement (TTR) pension

The Transition Pension can be used to save tax and/or to provide some extra income and is for people who:

• Are still working full or part time, AND
• Are between age 55 and 65 , AND
• Want their super to be working harder for them.

Transition to retirement (TTR) pension facts

• Tax-free investment earnings
• No tax is payable on regular pension payments for members aged 60 and over
• Can be used in conjunction with salary sacrifice in order to save tax and grow your wealth
• Flexible payment frequencies
• For members 55 to 59 years of age tax is payable at your marginal tax rate on some regular pension payments but a 15% tax offset (rebate) applies
• Maximum 10% of your pension balance annually can be paid as a regular pension payment (up to 65 years of age)
• Able to use any or all of LUCRF’s investment options
• Member online account access available 24 hours a day
• Generally no lump sum payments can be made (non commutable)

Retirement pension

The Retirement Pension provides regular pension payments with the flexibility of choosing lump sum payments and is for people who are:

• 55 years of age or older AND are retired, or
• 65 years of age or over, or
• Permanently incapacitated (any age)

Retirement pension facts

• Tax-free investment earnings
• No tax is payable on regular pension payments for members aged 60 and over
• You receive regular pension payments at the frequency that suits you
• Income is concessionally treated by Centrelink which could mean a higher entitlement to the Government Aged Pension
• For members 55 to 59 years of age tax is payable at your marginal tax rate on some regular pension payments but a 15% tax offset (rebate) applies
• No maximum limit to pension payments
• Able to use any or all of LUCRF’s investment options
• Member online account access available 24 hours a day
• Commutable to lump sum payment