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:

Pension option	Option suitable for people
Transition to retirement (TTR) pension	Aged younger than 65 years Who are still working
Retirement pension	Aged 55 or over Who have already retired

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