Our TTR Income account

To start a transition to retirement (TTR) strategy by opening a TTR Income account, you must have reached the age when you can access your super - known as your preservation age. Your preservation age depends on when you were born.

You must also be an Australian citizen/permanent resident, a New Zealand citizen or hold an eligible retirement visa.

Opening a new TTR Income account

You open a new TTR Income account by moving at least $25,000 from your super account into this new TTR Income account. It's important to note you can't add money to your TTR Income account once you've opened it.

You must also leave at least $6,000 in your super account so that it stays open. To find out more about the minimum balance for your super account, visit australiansuper.com/AccessYourSuper

When you turn 65, stop working for an employer after turning 60, or retire

When you turn 65 your TTR Income account will change automatically to a Choice Income account. If you tell us when you stop working for an employer after turning 60, or retire, we'll also move your account to Choice Income.

For details refer to the TTR Income Product Disclosure Statement.

Minimum drawdown rates for 2022/23

The government's reduced minimum drawdown rates have been extended for the 2022/23 financial year. This means from 1 July 2022, the reduced rates continue to apply to all account based pensions until 30 June 2023.

Minimum drawdown rates for 2023/24

The government's temporary reduced minimum drawdown rates for account based pensions (for 2019/20, 2020/21, 2021/22 and 2022/23) will end on 30 June 2023. This means, from 1 July 2023, the government's default minimum drawdown rates for the 2023/24 financial year will apply to all account based pensions, with no reductions.

Find out more about minimum drawdown rates.

What this means for new TTR Income members

If you open a TTR Income account^# anytime before 30 June 2023, the government's temporary reduced minimum rates still apply up to 30 June 2023, unless you choose a larger amount.

If you open a TTR Income account from 1 July 2023 onwards, the government's default minimum drawdown rates for 2023/24 apply, unless you choose a larger amount.

All TTR Income members can change drawdown amounts anytime via their online account and withdraw extra money when they wish. The maximum withdrawal limit of 10% applies - refer to the TTR Income Product Disclosure Statement.

You can set up your TTR Income account in a way that suits you. Your TTR Income account is flexible, so you can change your payment amounts* and investment options at any time, or you can leave it to the experts with Smart Default - our pre-selected options.

If you choose your own options, you can:

• choose DIY and PreMixed investment options,
• decide how much income payments you’ll get (minimum and maximum limits apply), and
• decide how often you’ll get payments – fortnightly, monthly, quarterly or twice a year.

For details on payment options, refer to the TTR Income Product Disclosure Statement.

With Smart Default your payments and investment options are pre-selected, modelled and managed by investment experts at AustralianSuper.

This means you’re:

• invested in 12% Cash and 88% Balanced investment option
• initially receiving at least 6% of your balance each year; and as you get older this minimum amount will change (see table below) and
• paid every two weeks.

You can change your payment frequency and amounts, as well as investment options at any time by logging into your account or via your mobile app.

For details, refer to the TTR Income Product Disclosure Statement.

The government has extended reduced minimum drawdown rates for all account based pensions, to 30 June 2023.

From 1 July 2022 the Smart Default drawdown rates will stay reduced until 30 June 2023.

For the financial years 2019/20, 2020/21 and 2021/22, we temporarily reduced the Smart Default drawdown rates so members aged 80 years and over could manage their income payments differently during difficult times. This temporary reduction will be extended for the 2022/23 financial year until 30 June 2023. (See table below)

For Smart Default members under 80 years on 1 July 2023, your payment amounts will remain 6% of your account balance in 2023/24*. (see table below)

If you're a current Smart Default member, you'll get an email or letter every July confirming your payment amounts for the next financial year. 

You don’t have to do anything, unless you choose to change your payment amount^† . You can do this anytime by logging into your account.

For details, visit australiansuper.com/MinimumDrawdowns

^‡The temporary Smart Default drawdown rates are for the financial years 2019/20, 2020/21, 2021/22 and 2022/23, and will end 30 June 2023.
^§The default minimum drawdown rates for Smart Default apply from 1 July 2023, for the financial year 2023/24 onwards.