Retirement income account

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

Make your super go the distance 

Did you know you don’t have to take your super as a lump sum when you reach retirement age? You have other options.

Opening a retirement income account means receiving regular income payments while your super stays invested – giving you more potential investment returns through your retirement.

With our retirement income account – Choice Income – you can access extra money from your super whenever you need it, if larger expenses pop up.

The benefits of Choice Income

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Get regular payments

You can combine these with the Government Age Pension

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Pay less tax

Retirement Incomes may help reduce the tax you pay on retirement savings

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Keep investing

Your super savings will continue to be invested through your retirement 

“I thought once we retired we wouldn’t be able to travel anymore. But after four years, we had more money than we started with.”

“I thought once we retired we wouldn’t be able to travel anymore. But after four years, we had more money than we started with.”

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Take it easy with Smart Default

Leave the decisions to us now, but change your options later if you need to

Smart Default will turn your super into a lasting income that can last up to 20 years or more. It’s the easy way to set up your account - your payments and investment options are modelled and managed by a trusted team of investment experts.

Setting up with Smart Default means:

•    you’re invested in 12% Cash and 88% Balanced
•    you receive at least 6% of your balance each year
•    you’ll get paid every two weeks

The best part is that your Choice Income account is still flexible – you can change your payment and investment options at any time. With Choice Income it’s easy to manage your account online, on our mobile app or over the phone.

Flexible options

You can choose how your account is set up

If you set up your account with Smart Default, your payments and investment options will be pre-selected. If you prefer, you can select your options yourself. Choose how often you receive income payments and how much those payments will be. You can set the payments as a fixed amount, or the minimum or maximum percentage of your account balance. Some limits apply:

•    you must be paid at least once a year, or you can choose to be paid every two weeks, once a month, once every three months or twice a year, and
•    you must be paid a minimum percentage of your account balance each year, and a maximum of 10% if you’re under 65 and using a transition to retirement strategy.

You also have the freedom to choose your own investment options. To get to know our options and how they can help you achieve your best retirement, head to our Your investment options page.

Important things to know about Choice Income

  • You'll need at least $25,000 in super to deposit into your new Choice Income account

    If you’re already retired, you’ll need at least $50,000 in super before you can open a Choice Income account. If you’re still working and interested in transitioning to retirement, you’ll need $25,000.
  • Open your account by making a one-off transfer

    You can’t add money to an income account once you’ve opened it, so it’s a good idea to make sure you have all your money in one place before you start. We can help you consolidate your super before opening a retirement income account.
  • There's a limit to how much you can transfer

    There is a lifetime cap on the amount that can be transferred from Super accounts to retirement income accounts.

    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

Get super support while you keep working

If you’d like to ease into retirement or save for longer, you may want to keep working and use your retirement income account as part of a Transition to Retirement strategy.

Find out more

Open and manage your Choice Income account online

Open your account

Save time and open your Choice Income account online. Fill out the online form at your convenience - you can even save it and come back to it later if you need to.

Manage your account

Once your Choice Income account is set up, it's easy to register for an online account, and download the AustralianSuper mobile app.

You can access your account online and via the app 24/7, giving you more time to focus on the things that matter to you.

You can do things like:

  • change your payment frequency
  • check your account balance, transactions and Centrelink schedule
  • change your investment options
  • request one-off additional payments, if you're eligible.

Nominate a beneficiary

Be confident your money will end up in the right hands. Nominate a beneficiary today.

learn more

Retirement Division Product Disclosure Statement - pdf, 2.6MB

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

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