Our TTR Income account
A TTR Income account is an AustralianSuper account based pension that lets you receive regular payments* from your super, while you're still working and under 65 years.
Initially, you’ll use some money from your super account to open your TTR Income account. You can then set up regular payments* from your TTR Income account directly into your bank account.
Employer contributions continue to go into your existing super account, while balances of both your super and TTR Income accounts stay invested.
* Government minimum and maximum withdrawal limits apply. Download the TTR Income Product Disclosure Statement for details.
Getting started with TTR Income
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Are you eligible for TTR Income?
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.
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 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.
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Minimum drawdown rates
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. -
Choosing your payment and investment options
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.
* Government minimum and maximum withdrawal limits apply.
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Choosing the Smart Default option
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.
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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.