Our Retirement Super Pension provides you with regular, tax-effective income. Investment earnings are completely tax-free and, if you're over 60, pension payments are also tax-free.

Our Retirement Super Pension can provide another source of retirement income in addition to the Centrelink Age Pension.

Pension payments

You must draw a minimum level of pension payments each financial year - the amount depends on your age when you first open your account, and is reset 1 July each year.

Temporary reduction of minimum pension payments

The Government is temporarily reducing the minimum drawdown requirements for account-based pensions (such as the Retirement Super Pension) by 50% for 2019-20 and 2020-21.

This measure may benefit retirees by reducing the need to sell investment assets to fund minimum drawdown requirements.

You don’t have do anything to qualify for the reduced drawdown rates. These will be available to anyone with an account-based pension.

Note: During the first financial year of your account, the minimum payment is proportional to the number of days left until 30 June.

There is no maximum limit on the level of your pension payments.

Drawdown rates for 2019-20 and 2020-21

When you first open your account, and on 1 July each year thereafter, if you are aged... The minimum amount of your account that must be drawn is...
 Under 65  2%
 65 to 74  2.5%
 75 to 79  3%
 80 to 84   3.5%
 85 to 89   4.5%
 90 to 94  5.5%
 95 or more  7%

Drawdown rates for all other years

When you first open your account, and on 1 July each year thereafter, if you are aged... The minimum amount of your account that must be drawn is...
 Under 65  4%
 65 to 74  5%
 75 to 79  6%
 80 to 84   7%
 85 to 89   9%
 90 to 94  11%
 95 or more  14%

How the lower drawdown rates could help you

The Government has put together an example of how a retiree might use the reduced drawdown rate to preserve their capital while still drawing an income from their account-based pension.

See worked example

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.

You can make lump sum withdrawals of up to $10,000 by logging into your account online.

More information

For more information call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.

Speak with a retirement specialist

Instead of sifting through information to find out what is relevant to you, ask to speak to a retirement specialist – no sales pitches – just a phone discussion with someone who can provide relevant information in plain English. There is no extra cost to use this service, as the cost is included in the fees that apply to all super accounts. This team is accessible between 9am and 5pm (AEST/AEDT) on 1800 222 071.

You can also use this online form to request a callback.

Use online form

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