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 does a Choice Income account based pension work?
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.
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.
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.
|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.