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
Before 1 July 1960
1 July 1960 - 30 June 1961
1 July 1961 - 30 June 1962
1 July 1962 - 30 June 1963
1 July 1963 - 30 June 1964
From 1 July 1964
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.
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.
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.
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.
*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§
80 to 84
85 to 89
90 to 94
95 and over
‡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.
Ready to set up a TTR Income account?
It’s a simple sign-up process to kick start regular income payments.