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 rates
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
*Unless you change your payment amounts or your balance runs out.
†The maximum withdrawal limit of 10% applies 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 2023‡ DEFAULT DRAWDOWN RATES START FROM 1 JULY 2023§ 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, 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.
Things to know about TTR Income
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Minimum drawdown rates from 1 July 2022
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.
#Transition to retirement (TTR) can be complex and isn't suited to everyone. It's a good idea to get financial advice before deciding if a TTR Income account is right for you. -
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