Pensions

Pension options

We offer two account based pension options.

These are outlined below to help you determine which one best suits your circumstances:

Option 1  |  Option 2

 

Option 1

Transition Pension

The Transition Pension is available if:

  • You are still working full or part time, and
  • You are between your preservation age and 65 years of age, and
  • You have a superannuation benefit of at least $10,000 to convert to a pension.

Transition Pension facts

  • You can receive regular pension payments to boost your current income, when reducing your working hours
  • Tax free investment earnings
  • Tax is payable at your marginal tax rate on some regular pension payments for members 55 to 59 years of age
  • No tax is payable on regular pension payments for members aged 60 and over
  • No income tax payable on the exempt (tax free) component
  • A 15% tax offset is available for members
  • aged under 60
  • Minimum annual pension payments
  • Maximum 10% of your pension balance annually can be paid as a regular pension payment (up to 65 years of age)
  • Flexible payment frequencies
  • Choose the investment option your pension payments are drawn from (if you have selected a mix of options)
  • Member online account access available 24 hours a day
  • Generally no lump sum payments (non commutable)
  • Can be used in conjunction with salary sacrifice* in order to save tax and grow your wealth, and
  • Personal financial advice available.

 

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Option 2

Retirement Pension

The Retirement Pension is available if:

  • You are retired from the workforce and you have reached your preservation age, or
  • You are 65 years of age or over, or
  • You are permanently incapacitated at any age, and
  • You wish to receive regular pension payments with the flexibility of choosing lump sum payments if required, and
  • You have an unrestricted superannuation benefit of at least $10,000 to convert to a pension.

Retirement Pension facts

  • You can receive regular pension payments to boost any other income
  • Tax free investment earnings
  • Tax is payable at your marginal tax rate on some pension payments for members aged 55 to 59 years of age
  • No income tax payable on the exempt (tax free) component
  • A 15% tax offset is available for members aged under 60
  • Minimum annual pension payments
  • No income tax is payable on income payments for members aged 60 and over
  • No maximum limit to pension payments
  • Flexible payment frequencies
  • Choose the investment option your pension payments are drawn from (if you have selected a mix of options)
  • Member online account access available 24 hours a day
  • Commutable to lump sum payment
  • Income is concessionally treated by Centrelink, and
  • Personal financial advice available.

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