Transition Pension
Planning for retirement?
If you are approaching retirement or planning for retirement, it is a time of excitement and opportunity. You will have more time to pursue those activities you have been meaning to get around to “one day”. It is time to enjoy life to the fullest. You also need to ensure your savings are at a level that will make the most of your retirement options.
What Pensions does LUCRF Super offer?
LUCRF offers two types of Pensions:
Transition Pension - on your road to retirement
Retirement Pension - for retirees.
LUCRF Pensions are very competitive, basic features include:
- No entry or exit fees**
- Low ongoing fees and no commissions
- Choice of Transition Pension or Retirement Pension
- Flexible, diversified range of six investment options
- Easy to invest your money
- Personalised customer service, you talk to a person, not a machine
A Transition Pension caters for people who are of preservation age (see table below) and want to remain in full time or part time employment, but wish to also receive some income from their superannuation and then gradually reduce their working hours until they finally retire.
|
Date of Birth |
Preservation Age |
|
Before 01/07/1960 |
55 |
|
01/07/1960 - 30/06/1961 |
56 |
|
01/07/1961 - 30/06/1962 |
57 |
|
01/07/1962 - 30/06/1963 |
58 |
|
01/07/1963 - 30/06/1964 |
59 |
|
After 30/06/1964 |
60 |
The Transition Pensions gives you access to timely pension payments. Unlike the Retirement Pension, with a Transition Pension, no lump sum payments or commutations are available (until after you retire or you have an unrestricted non-preserved benefit available).
The choice is yours regarding when you receive your pension payments fortnightly (on the 14th and 28th of each month), monthly (on the 28th of each month), quarterly, bi-annually or annually. Monthly, quarterly, bi-annual and annual payments are all made on the 28th of the respective month.
There is a minimum (annual) payment restriction dependent on your age, (see table below) however unlike the Retirement Pension, there is a maximum payout restriction of 10% per annum.
Minimum (Annual) Payment Restrictions effective from 1 July 2007 and temporary minimum drawdown available for the remainder of 2009/10.
|
Age
|
Percentage of Account Balance
|
Temporary min. drawdown available |
|
Under 65 years
|
4%
|
2% |
|
65 to 74
|
5%
|
2.5% |
|
75 to 79
|
6%
|
3% |
|
80 to 84
|
7%
|
3.5% |
|
85 to 89
|
9%
|
4.5% |
|
90 to 94
|
11%
|
5.5% |
|
95 or more
|
14%
|
7% |
Please peruse our LUCRF Pension Member Guide (PDS & FSG) and Pensions brochure detailing frequently asked questions (below) for further details.
Prior to making any decison, you may wish to seek professional financial advice from your financial planner, if you do not have a financial planner, please contact us directly on 1300 130 780.
Brochures & Flyers
-
LUCRF Pensions brochure
An overview of LUCRF's Transition Pension and Retirement Pension.
Download » Member Guides
-
LUCRF Pensions PDS
This Product Disclosure Statement (PDS) (and application forms) explains the main features of the LUCRF Transition Pension and Retirement Pension, as at 22 March 2010.
Download »
