Account-based pension

An account-based pension turns your super into a regular income when you’re ready to enjoy life after work.

What's an account-based pension

When you decide to retire, an account-based pension is an income stream account you could open, using the money from your super savings.

Our account-based pension is called Choice Income.

You’ll enjoy the freedom and control to set up and receive regular income payments to suit your lifestyle needs, just like a salary when you were working. Plus, you’ve got the opportunity to grow your savings because your balance stays invested, and any investment returns are tax free.

For complete details, please download and read our Choice Income Product Disclosure Statement (PDS).

Open an account-based pension

How an account-based pension works

How to set up your account 

Flexible payments, your way

You choose how much income you’d like to receive and how often – paid straight into your bank account. You'll just need to meet the government-set minimum payment amounts. Plus, if you need extra money you can make lump sum withdrawals at any time.

Tax-free income

Investment returns in your Choice Income account-based pension are tax-free, meaning you get to keep more of your savings. Plus, from age 60, income payments are also tax-free.

Opportunity to grow your savings

Your super stays invested while you receive regular payments, so your account balance could earn returns throughout your retirement. You can decide how you invest your balance or leave the investment decisions to us.

Choice Income and the Age Pension

Depending on your situation, you may be eligible to receive the Government Age Pension. By topping this up with your Choice Income payments you could have a more sustainable income for your lifestyle.

Balance Booster

When you have a super account or TTR Income account, AustralianSuper sets money aside to pay for future capital gains tax when investment assets are sold. When you open a Choice Income account, you’re moving to a tax-free environment, so these savings are credited back to you as a Balance Booster payment.
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Check your eligibility

There’re some conditions you need to meet to be eligible for a Choice Income account-based pension.

Age

You can open a Choice Income account if you’ve:

  • turned 60 and permanently retired or stopped working for an employer, or
  • turned 65 (even if still working).

Citizenship

You’ll also need to be an Australian citizen or permanent resident, a New Zealand citizen, or hold an eligible retirement visa.

Minimum opening balance

You’ll need a minimum of $50,000 to open a Choice Income account. You can use your savings from your AustralianSuper super account, any other super fund account(s) or your self-managed super fund (SMSF). Consolidating your super before you open a Choice Income account may be a consideration1.


Setting up your Choice Income account

Retirement Income Calculator

If you’re looking to stop working and step into retirement in the next 12–24 months or already retired, our Retirement Income Calculator can help you work out your costs and how long your super could last for.

Seamless Transfer – Member Direct

If you have Member Direct investments in your super account, you can request a seamless transfer to your Choice Income account (partial transfers aren’t allows). This allows you to avoid transaction and brokerage costs as well as market risk without triggering a tax event, ensuring your investments remain invested during the transfer. Certain conditions apply.

Choice Income is the proud winner of the Canstar Outstanding Value award for Account-Based Pension from 2018-20242.

Setting up your Choice Income account

If you’re ready to open an account, see what’s involved in getting your Choice Income account set up.

Join Choice Income

Whether you’re an existing member or new to AustralianSuper, signing up for Choice Income is easy. Join online today.

How to join
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