Reading time: Below we step you through the areas you need to think about when setting up a retirement income product with TWUSUPER, and how to look after your account once it's set up.
Working out your pension payments
Choosing how much and how frequently to receive payments from your pension account is one of the main things you will need to think about when setting up a super pension account. We talk you over the main things you need to consider.
Withdrawals from your TransPension account
If you're 60 or over you can start turning your super into retirement income – even if you're still working. If you want to access your super before you are 60 certain rules apply.
If you're under age 65
The age at which you can access your super depends on your date of birth and is known as your preservation age. If you're under 65, you can withdraw your super if you meet a condition of release. If you meet a condition, you can withdraw a lump sum in addition to your regular pension payments.
If you're under 60, payments generally are taxed lower than other types of investments. You don't pay tax on payments if you're age 60 or over.
If you're age 65 or over
Once you're 65, you can withdraw as much of your super as you want. You may also be able to access the Centrelink Age Pension and other Government benefits (such as the Pensioner Concession Card).
Withdrawing up to $10,000
If you're age 65 or over you can withdraw a lump sum of up to $10,000 from your TransPension account through Member Online.
Withdrawing more than $10,000
If you're age 65 or over and you wish to withdraw more than $10,000 as a lump sum, please call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
Your investment options
When you open a Super Pension account, you'll need to choose your investment option. You can invest in one or a mix of three investment options. You can update your options through Member Online or by calling 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.
For more information on these options, who they may suit and minimum suggested time frame, see Your investment options.
Updating and transacting on your account
Things change, and after you've opened your account, you may need to make updates. You can update your beneficiaries*, investments and payment amounts and frequency, and your personal details online or over the phone.
* If you need to change a Reversionary Beneficiary please call us on 1800 222 071.
Useful forms and documents
We list the forms and documents relevant to Retirement and Pre-retirement Super Pension accounts on the Useful forms and documents page. If you're looking for a withdrawal form, please call us on 1800 222 071 (so we can provide you with the right one for your circumstances).
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