How does TTR Income account work?
A TTR Income account is an AustralianSuper account based pension that gives you the flexibility to receive payments from your super. Your TTR Income account and super account will work together while you're still working, to help you transition to retirement, by topping up your salary using income payments from your super.
Initially, you’ll use money from your super to open your TTR Income account. Your income payments are then transferred directly to your bank account, and since you’re still working, employer contributions mean your super account balance may continue to grow.
Download Important things to know about TTR Income for details.
Set up your TTR Income account in a way that suits you
We have investment options to suit everyone’s retirement goals. You can leave your investment choice to us by choosing our Smart Default option, or, if you’re a savvy investor, choose your own.
Your TTR Income account is flexible, so you can change your payment amounts (between the minimum and maximum percentage of your account balance each year) and investment options at any time.
When you join you can use the Smart Default option, or choose your own investment and payment options.
Choosing the Smart Default option
With Smart Default your payments and investment options are pre-selected, modelled and managed by investment experts. 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),
- paid every two weeks, and
- can change your payment and investment options at any time.
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Smart Default drawdown amounts in 2021/22
In financial years 2019/20 and 2020/21, we temporarily reduced the Smart Default drawdown amounts so members aged 80 years and over could manage their income payments differently during difficult times. We're extending these reduced amounts to 30 June 2022.
For Smart Default members under 80 years on 1 July 2021, your payment amounts will remain 6% of your account balance in 2021/22*. (see table below)
Current Smart Default members will receive an email or letter in July 2021† to confirm their payment amounts for the financial year 2021/22. You don’t have to do anything, unless you choose to change your payment amount‡. You can do this anytime by logging into your online account.
For details, visit australiansuper.com/MinimumDrawdowns
*Unless you change your payment amounts or your balance runs out.
†In May 2021, you may have received an email or letter about changing Government minimum drawdown amounts from 1 July 2021. These changes no longer apply due to the Government's announcement on 29 May 2021.
‡Maximum withdrawal limits apply for TTR Income members.Smart default option – Percentage of your balance you’ll receive each year Your age on 1 July TEMPORARY DRAWDOWN Rates
END 30 JUNE 2021§DEFAULT DRAWDOWN Rates START
FROM 1 JULY 2021‖Under 80 6% 6% 80 to 84 6% 7% 85 to 89 6% 9% 90 to 94 6% 11% 95 and over 7% 14% §The temporary Smart Default drawdown rates are for the financial years 2019/20, 2020/21 and 2021/22 only, and end 30 June 2022.
‖The default minimum drawdown rates for Smart Default apply from 1 July 2022, for the financial year 2022/23 onwards.
Things to know about TTR Income
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Minimum drawdown amounts for 2021/22
On 29 May 2021, the Government extended the COVID-19 measure – temporary reduced minimum drawdown amounts for account based pensions – to 30 June 2022.
If you're an existing TTR Income member, your payment amounts may change from 1 July 2021 depending on:
- what payment option you chose up to 30 June 2021,
- what your account balance is on 1 July 2021, and
- what your age is on 1 July 2021 and the relevant reduced minimum drawdown amount for 2021/22.
Find out more about minimum drawdown amounts for the 2021/22 financial year.
What does this mean for new TTR Income members?
If you open a TTR Income account anytime from 25 March 2020 up to 30 June 2022, the Government's temporary reduced minimum amounts apply up to 30 June 2022, 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. Maximum withdrawal limits apply - refer to the TTR Income Product Disclosure Statement.
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Am I eligible to transition to retirement?
To be eligible for transition to retirement (TTR), you must have reached the age at which you can access your super – known as your preservation age. To start a transition to retirement strategy, you need to move at least $25,000 to your new TTR Income account and you must leave a minimum balance of $6,000 in your super account. To find out more about the minimum balance for your super account, visit australiansuper.com/AccessYourSuper
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What’s my retirement or ‘preservation’ age?
Your preservation age depends on when you were born.
Date of birth Preservation age Before 1 July 1960 55 1 July 1960 - 30 June 1961 56 1 July 1961 - 30 June 1962 57 1 July 1962 - 30 June 1963 58 1 July 1963 - 30 June 1964 59 From 1 July 1964 60
+Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.