Choice Income - our account based pension

You’ve worked hard for your super. Make your super work for you, by turning it into a regular source of income.

What is an account based pension?

An account based pension (or pension account) lets you take your super as regular payments, when you retire.

By transferring money from your super to an account based pension like our Choice Income account, you can draw regular income payments, while your balance stays invested. This gives you the potential for continued investment returns throughout your retirement.

You choose how much income you want to receive and how often. And your money isn’t locked away.

You can withdraw extra money to pay for bills, holidays and other big ticket items whenever you need it.


Your benefits include:

  • turning your super into a regular income
  • keeping your savings working for you – money in your account stays invested
  • saving on tax — tax-free income payments (from 60) and tax-free investment earnings
  • having flexibility and control – you can access extra money whenever you need it
  • topping up your Government Age Pension if you receive it

How an account based pension works

You use money from your super account to open a Choice Income account. Any positive investment returns are added to your Choice Income account balance; and income payments, fees and taxes and any negative investment returns are deducted from it.

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Why choose Choice Income account?

Our account based pension – Choice Income – is award-winning* with a history of strong long-term performance. With our low fees and members first approach, we can help you achieve your best possible retirement.

  • Low fees, more money – all profits go to members, not shareholders
    View our fees
  • Strong long-term returns – 10.77% pa average annual 10 year rate of return for the Balanced option§ 
    Compare our performance
  • Flexible payment options – you choose how much and how often you receive payments
  • AustralianSuper members may be eligible for an instant boost to their account when they move to a Choice Income account – a tax saving called a Balance Booster

*Awarded the 2021 Canstar Outstanding value for account based pension
† Source: SuperRatings Pty Ltd. Comparison of administration and investment fees at 30 June 2021 for the AustralianSuper Balanced option, the all industry average fund and the average Retail Master Trust.
‡ Based on the AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey — SR50 Balanced (60–76) Index, to 30 June 2021. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.

+Returns as at 30 June 2021. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns

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Important things to know about Choice Income

Choice Income Product Disclosure Statement - pdf, 3.2MB

For people retiring and needing to draw an income from their savings in a tax-effective environment

Set up your account in a way that suits you

Your Choice Income account is flexible, so you can change your payment and investment options at any time.

When you join you can use the Smart Default option, or choose your own investment and payment options.

Choosing the Smart Default option

With Smart Default your payments and investment options are pre-selected, modelled and managed by investment experts. 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),
  • paid every two weeks, and
  • able to change your payment and investment options at any time.

Choosing your own options

If you choose your own options, you can

  • choose DIY and PreMixed investment options, or manage your account using Member Direct,
  • decide how much income you’ll get (minimum limits apply), and
  • decide how often you’ll get payments – fortnightly, monthly, quarterly or twice a year.

Proud winners of a Canstar 5-Star Rating for account based pension^

^AustralianSuper received the Canstar 5-Star Rating for Outstanding Value Account Based Pension in 2021. Full methodology available here.

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