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You can access your super when you meet your preservation age (60 for most people) - years before you can access the Centrelink Age Pension.
By opening a Retirement Super Pension account instead of simply withdrawing from your super account, you can enjoy the benefits of tax-free investment earnings, and if you're over 60, tax free pension payments. You can open a Retirement Super Pension when you’ve reached preservation age and you’ve met a condition of release.
The Retirement Super Pension can be combined with the Government’s Centrelink Age Pension (if eligible) or with any other retirement funds you may have (such as income from an investment property or shares).
Our Retirement Super Pension (TransPension) can provide another source of retirement income in addition to the Centrelink Age Pension and is:
- focused on members, and
- can be adapted to meet your needs.
It is designed to meet the retirement and superannuation rules and provide a great outcome for members.
Do I have to start a Retirement Super Pension when I reach preservation age?
No, a Retirement Super Pension is optional and you can leave your money in your super account as long as you like. However, you might consider a Super Pension if you want to pay yourself a regular income. If you’ve reached preservation and are still working at least part time, you might benefit from a Pre-Retirement Super Pension.
How much can I get?
You can choose the amount and frequency of payments, but Government requirements mean you must draw down a minimum amount each year, depending on your age bracket.
You can also make a one-off withdrawal at any time.
Choosing your payment amount depends on various things, including your pension balance and how much you need (remembering that your pension income is not taxed).
What is a 'drawdown rate'?
Australia’s super pension rules require you to withdraw (or draw down) a certain percentage of your super pension each year. The minimum payment depends on your age and is recalculated on your balance at 1 July each year.
As a result of the COVID-19 pandemic, the Government had temporarily reduced the minimum drawdown requirements for account-based pensions (such as the Pre-retirement Super Pension) by 50% for the Financial Years from 2019-20 through to 2022-23.
This measure was only temporary, so from 1 July 2023 the drawdown amounts will now revert back to the original minimum percentages in place prior to the pandemic.
You can see the old and new rates set out here - as well as more information about how to work out your pension payments.
Lump sum withdrawals
You can withdraw lump sums (in addition to your pension payments) at any time - a minimum of $1,000 applies. They are usually paid within five working days.
What if I'm not quite ready to retire?
If you’d rather ease into retirement gradually, a Pre-retirement Super Pension may suit you. This uses a Transition to Retirement (TTR) strategy to allow you to cut back on your hours, without it impacting your take-home pay.
Setting up and managing your retirement
If you’d like to know more about setting up and managing your Retirement Super Pension, see our information page which answers frequently asked questions around online access, payment frequencies and more. You should also read our Product Disclosure Statement before starting a Super Retirement Pension.
Secure online access
Once you’ve opened a retirement account with TWUSUPER, you can do the following through Member Online:
- Update your details
- Check your balance
- Track your super pension payments
- Request lump sum withdrawals for amounts under $10,000
- Check and update your investment options
For anything you can’t do on Member Online, help is a phone call away.
Speak with a retirement specialist
*Let us know your preferred contact number and preferred callback time between 9am and 5pm (AEST/AEDT) weekdays.
Instead of sifting through information to find out what's relevant to you, ask to speak to a retirement specialist. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.
Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.
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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd