Our TTR Income account
While you’re still working and between 60 and 64 years of age, a TTR Income account is an AustralianSuper account-based pension that lets you receive regular payments1 from your super.
You’ll use some money from your super account to open your TTR Income account and set up regular payments1 from your TTR Income account directly into your bank account.
You’ll continue to receive your employer super contributions in your existing super account, while balances of both your accounts stay invested.
1 Government minimum and maximum withdrawal limits apply. Download the TTR Income Product Disclosure Statement for details. 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.
Getting started with TTR Income
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Are you eligible for TTR Income?
To open a TTR Income account, you must be between the ages of 60 and 64 and be still working.
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. 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 or stop working for an employer after turning 60.
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
When you have an AustralianSuper Choice Income or TTR Income account, every financial year you’ll need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
AGE AT 1 JULY EACH YEAR MINIMUM DRAWDOWN RATES 60 to 64 4% 65 to 74 5% 75 to 79 6% 80 to 84 7% 85 to 89 9% 90 to 94 11% 95 and over 14% Find out more about minimum drawdown rates.
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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 amounts1 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, twice a year or once a year.
For details on payment options, refer to the TTR Income Product Disclosure Statement.
1 Government minimum and maximum 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.
Every July, you'll receive an email or letter confirming your payment amounts for that financial year. You don’t have to do anything, unless you choose to change your payment amount
Smart default option – Percentage of your balance you’ll receive each year Your age on 1 July DRAWDOWN RATES Under 80 6% 80 to 84 7% 85 to 89 9% 90 to 94 11% 95 and over 14% 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 on Smart Default, view the TTR Income Product Disclosure Statement.
2Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.