Transition to retirement with us
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Transition to retirement with us

If you’ve reached the minimum age to access your super and you’re still working, you might benefit from from accessing your super early through a TTR pension and potentially save on tax.

What is it?

A Transition to Retirement (TTR) pension allows you to access your super early, if you’re eligible, and gives you the chance to use that super in several different scenarios depending on what suits your lifestyle.

If you’re ready to slow down

You can wind back your working hours while maintaining your full-time income by topping up your income through a TTR pension.

If you want to speed up your savings 

You can keep working full-time and start salary sacrificing into your super. This will reduce your taxable income. You can then use your TTR pension to match your current income. By reducing the amount of tax you pay, this strategy can help your super balance grow as you near retirement. 

Get advice at no cost to you

Our experienced advisers can explain your options so you can plan for a better retirement.

Key benefits

  • Once you turn 60, pension payments are tax-free. 

  • If you're under 60, pension payments are taxed at your marginal tax rate with a 15% tax offset available.

  • You could continue to work and reduce your hours but maintain the same income.

  • Reduce your taxable income and grow your super ahead of retirement.

How it works

  • Establish a TTR pension account using money from your super.

  • Decide what your regular payments will be.

  • Choose from a range of investment options including our Balanced option.

  • Nominate your beneficiary/ies.

  • Consider the different types of contributions you can make into your super account to get the right balance between money going in, and money coming out of your accounts.

Things to consider

If you’re thinking about starting a TTR pension, there are some things you should consider before you do. We also recommend reading our PDS and speaking to one of our experienced advisers before you start.

  • Annual minimum and maximum withdrawal limits apply to TTR pension accounts, depending on your age. See our Pension Member Guide for current limits.
  • You’ll need to leave at least $1,500 in your LUCRF Super account to receive future contributions.
  • Like super, investment earnings in TTR pension accounts are taxed at 15%.
  • A TTR pension turns into a retirement pension when you turn 65.
  • Insurance is not provided with TTR pensions, but may be available under your super account.

 Are you eligible?

  • Have you reached preservation age (which starts at 57 depending on when you were born)?

  • Do you have at least $10,000 in super to move to your pension account?

  • Are you still working full or part-time?

  • Are you an Australian citizen/permanent resident, a New Zealand citizen or hold an eligible retirement visa (subclass 405 or 410)? 

If you answered ‘yes’ to the above questions, speak to one of our experienced financial advisers to help you make decisions about your super for a better future.

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