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Do you have a client who wants to join AustralianSuper and is transitioning to part or full retirement?
Talk to them about our income streams, where their super can be paid in regular instalments in the lead-up to, and throughout retirement.
Depending on their needs, age and life stage, they can choose between a Transition to Retirement (TTR) Income account or a Choice Income account.
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Does a TTR Income account convert to a Choice Income account?
Yes. If your client turns 65, or we receive a Retired or stopped working after turning 60 form, the TTR Income account will be converted to a Choice Income account. Your client doesn’t need to set up a new account. Their login details and account number will stay the same.
When this occurs, a Balance Booster amount may be credited to the account on the day the account changes over.
Additionally, if the member had an AustralianSuper accumulation/super account before moving to a TTR Income account, their whole account history is taken into account when Balance Booster is calculated.
What is a Balance Booster?
Balance Booster is a tax saving. If your client meets the eligibility requirements, we pass this tax saving on to them.
When your client moves from a super/accumulation, or TTR Income account to a Choice Income account, their balance is transferred to a tax-free environment. Assets sold in the retirement phase are not taxed, so the amount set aside in their super or TTR Income account to cover a future capital gains tax liability can be passed to your client as a credit.
Learn more about Balance BoosterMore for financial advisers
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Disclaimers
- The AppleCheck comparison tool is provided by external research firm Chant West.
- Australian Taxation Office, Rollover benefits and Death benefit rollover statement information for transactions from 1 July 2017, ATO website, accessed 11 October 2024.