Our Retirement Super Pension provides you with regular, tax-effective income. Investment earnings are tax-free and, if you're over 60, pension payments are also tax-free.
Our Retirement Super Pension can provide a source of retirement income in addition to the Centrelink Age Pension.
You must draw a minimum level of pension payments each financial year - the amount depends on your age when you first open account, and is reset 1 July each year.
|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...|
|65 to 74||5%|
|75 to 79||6%|
|80 to 84||7%|
|85 to 89||9%|
|90 to 94||11%|
|95 or more||14%|
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.
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.
If the amount of your lump sum withdrawal would leave your account without enough money to pay your minimum pension payments for that particular financial year, you have to draw your minimum payment amount first (we'll take care of that for you).
You can make lump sum withdrawals of up to $10,000 by logging into your account online.
The maximum amount of money you can start your Retirement Super Pension with is $1.6 million.
For more information see the TransPension Product Disclosure Statement (PDS) and Application Form or call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.