To open a Choice Income account, just follow these simple steps:
1. Make sure you're eligible
To be eligible you must have:
- a minimum of $50,000 (or $25,000 for transition to retirement) to open your account
- reached your preservation age
- permanently retired from work*
* If you’re still working and meet the first two requirements above, you can open a Choice Income account using a transition to retirement strategy. If you change employment on or after age 60 or have reached 65, you’re also eligible.
2. Read our Product Disclosure Statement
Before you open a Choice Income account you should read the Choice Income Product Disclosure Statement.
3. Set up an account
Setting up an account online is quick and easy. You’ll start to receive a regular income as soon as we’ve processed your application.
Things to consider before you set up your account:
- You can’t add money to an income account once you’ve opened, it, so it’s a good idea to make sure you have all your money in one place before you start. We recommend you combine your super into one AustralianSuper account before opening a retirement income account. This includes super from other funds and any lost super you may have. If you join online, we'll help you complete the Combine your super form.
- You’ll be asked to make some decisions about your account such as if you’d like to leave your investment and payment decisions to us (Ready Made) or select your own (My Choice). You’ll also be given the opportunity to nominate your beneficiaries.
The Open a Choice Income account form can also be found at the back of the Product Disclosure Statement.