How to turn your savings into income
Despite what you may have heard you don't need hundreds of thousands of dollars for a retirement pension to improve your quality of life
You've spent years saving your super. Now what?
Whether you’re retired or still working, you can set up a Super Pension so you can use your super for regular payments. You can choose how often you want to receive payments while the remaining balance is invested in your chosen option.
Once you've reached age 58, you’re eligible to open a Super Pension account. At TWUSUPER we call this a 'TransPension' account.
What is a Super Pension?
A Super Pension account is an alternative option to access your super as regular payments instead of withdrawing lump sums from your super account. This option becomes available once you reach preservation age (based on your date of birth – currently 58 but gradually rising to 60).
Choosing to open a Super Pension depends on your unique circumstances and aims.
Why start a Super Pension?
It could make sense to convert it into a Super Pension if:
- You're still working but want to use some of your super to pay yourself an income to supplement reduced working hours
- You'd like to set up a Transition to Retirement strategy
- You've retired and would like to receive payments to top up the Government Age Pension
Benefits of a Super Pension
It's worth seeing what a Super Pension could do for you - even if you plan to keep working for a little while yet.
Benefits include:
- Receive a regular income from your super balance
- Tax free pension payments (if age 60 and over)
- Tax free investment earnings (if eligible)
You could still receive Centrelink payments
Your eligibility for the Centrelink payments (including the Government Age Pension) depends on a number of factors including the value of the assets you own and your income. Lots of people fund themselves with a Super Pension while still qualifying for a full or part Government Age Pension.
We recommend you speak to one of our retirement specialists using the form below if you have general queries around Centrelink and the Super Pension.
Making a decision
Things you need to think about before opening a Super Pension include its potential impact on Centrelink payments and that investment earnings vary depending on market performance. You can talk to us about Super Pensions by requesting a call back using the form at the bottom of this page.
You can also get more detail from the TransPension Product Disclosure Statement (PDS).
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. There's no extra cost to use this service. 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.
[CForm ID="contact-form-retirement"]