Our retirement income account is built to help your super last right through your retirement
We’re committed to helping you make the best of your future long after you retire. That’s why when you plan your retirement with AustralianSuper and keep your money invested in a Choice Income account, you’ll have access to a range of member benefits:
- A regular income from your super even if you’re still working
- Regular payments on top of the Government Age Pension (if you receive it)
- More savings, because the money in your account stays invested
- The chance to pay less tax
- Access to the rest of your money whenever you need it*
- And you can nominate who’ll receive your money in the event of your death.
Of course, you’ll continue to pay low fees and receive strong long-term investment returns†.
When can I get started?
You can start enjoying the benefits of a Choice Income account as soon as you reach your preservation age. Your preservation age varies depending on the year you were born, so take a look through the table below to find yours:
|If you were born…
||You can access your super at…
|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
|1 July 1964 or after
Can I access my super while I’m working?
You can start making your transition to retirement‡ when you reach preservation age. There are two main ways to do this: You can either use an income account as an extra source of income and cut back on your working hours or you can take advantage of the tax-saving opportunities to speed up your super savings.
You can also open an account if you change jobs on or after turning 60 or once you turn 65- even if you’re still working.
What happens when I retire?
If you’re about to, or have already retired, setting up your income account is quick and easy. We’ve created Ready Made so you don’t have to worry about choosing your investment and payment options. Designed to help your super last right through your retirement, Ready Made can get you off to a flying start. If you’re a savvy investor or want to choose your own payment options, you can customise your account using our My Choice option.
How much can I hold in a retirement income account?
On 1 July 2017 the Government introduced a lifetime cap for retirees on the transfer amount
from super accounts to retirement income accounts (like Choice Income). The cap:
is $1.6 million for each individual.
- includes the total amount transferred from any superannuation account to any of your retirement income accounts.
- is managed by the Australian Taxation Office, so it includes money across any super fund, including defined benefit schemes.
- doesn’t apply to members with a transition to retirement strategy.
Thinking about the future is easy with the right information. Download our Product Disclosure Statement.
* Government prescribed minimums and maximums apply and a withdrawal fee may be charged for additional lump sum payments.
† Investment returns are not guaranteed. Past performance is not an indicator for future returns.
‡ Transition to retirement can be complex and are not suitable for everyone. You should seek advice to make sure it’s right for you.