Take control of your retirement

As Australia’s largest, most trusted1 fund, we’re here to guide you through planning for retirement so you can approach it with confidence.

 

How Choice Income helped Dale

When Dale and his wife Sandra went through some unexpectedly tough times, their plans changed. And it meant Dale needed to retire earlier than he’d ever expected. He called AustralianSuper seeking help and was connected with an adviser. They put together a plan that included opening a Choice Income account to make the most of his retirement savings.

How Choice Income helped Dale

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Proud winner of a Canstar 5-Star Rating for account based pension2
OPEN A CHOICE INCOME ACCOUNT

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How does a Choice Income account based pension work?

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Turn your super into a regular income

Receiving regular payments – just like a salary – allows you to plan how much you spend in retirement. You can also use the income from your Choice Income account to top up any Government Age Pension payments you’re eligible for.

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Control how often you’re paid

Set up how much and how often income gets paid into your bank account. Plus access extra money from your super to pay for bills, holidays or other expenses any time. If you’re 60 or over, regular income payments and withdrawals are tax free.

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Keep growing your super

A Choice Income account could make your money go even further because your super stays invested after you’ve retired. Decide exactly how you want your savings invested or let our investment experts manage it for you.

See how Choice Income could make a difference

Even in retirement, our history of strong performance and low fees has given AustralianSuper members an advantage over the long term. And being with a top-performing fund could make a big difference to how long your retirement savings last. 

The following table compares AustralianSuper’s Choice Income net benefit against the average super fund and the average retail super fund. It shows how a member’s balance would have grown over 10 years to 30 June 2020, whilst still drawing a regular retirement income. 

Net benefit
  Starting balance Average yearly income payment over 10 years Investment earnings over 10 years (less fees) Balance after 10 years
AustralianSuper Choice Income account Balanced option $300,000 $21,900 $366,100 $419,900
All super funds (average) $300,000 $20,400 $300,900 $356,200
Retail super funds (average) $300,000 $19,600 $276,500 $327,000

Net benefit refers to investment earnings to 30 June 2020 (less admin and investment fees). Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns3.

The above table shows that if a member retired 10 years ago and started with a balance of $300,000 in an AustralianSuper Choice Income account – and withdrew on average $21,900 each year over 10 years as regular income – their balance would have grown to $419,900.

When to open a Choice Income account

You can open a Choice Income account when you’ve permanently retired and reached your preservation age  (between 55 and 60 depending on your birth year). You’re also eligible to open an account if you change jobs when you’re 60 or over, or if you’ve turned 65 and are still working.

You’ll need a minimum balance of $50,000 to deposit into your new Choice Income account. It's also a good idea to consolidate your super before you start as you can’t add money to a Choice Income account once you’ve opened it4.

Not quite ready to retire?

A transition to retirement (TTR) strategy can help you work less and top up your take-home pay while you ease into retirement. Find out how a TTR Income account could work for you.

Learn more

 
 

Ready to open an account based pension?

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