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 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.