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.
| Smart default option – Percentage of your balance you’ll receive each year | |||
|---|---|---|---|
| Your age on 1 July | Temporary drawdown amounts (for 2019-2020 and 2020-2021 only)* |
Default drawdown amounts for 2021-22 financial years onwards† |
|
| 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 amounts are for the financial years 2019-20 and 2020-21. They have been reduced in response to the temporary reduction in minimum super drawdown amounts for account based pensions, which were introduced by the Government as part of their economic response to COVID-19 (coronavirus).
†The default minimum drawdown amounts for Smart Default will apply from 1 July 2021, for the financial years 2021-22 onwards.
Choosing your own options
If you choose your own options, then you can
Things to know about TTR Income
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Reduced minimum limits for super drawdown
From 25 March 2020, the Government has temporarily reduced the minimum drawdown requirements by 50% for account based pensions for the 2019-20 and 2020-21 financial years.
To find out what the new minimum drawdown amounts are, visit australiansuper.com/CoronavirusReducedDrawdowns
These changes are part of the Government’s response to the impacts of COVID-19 on investment markets. Reduced minimum amounts provide you with the option to manage your income payments differently during the current economic environment.
For details on this Government change, visit the ATO webpage Minimum annual payments for super income streams.
What does this mean for new TTR Income members?
This new minimum amount applies by default to new TTR Income members who join from 25 March 2020. All TTR Income members can change their payment amounts and frequency at any time. (Maximum withdrawal limits apply.)
To find out what the new minimum drawdown amounts are, visit australiansuper.com/CoronavirusReducedDrawdowns
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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.