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
Get regular payments
You can combine these with the Government Age Pension
Pay less tax
Retirement Incomes may help reduce the tax you pay on retirement savings
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.”
How to make the right choice
Ready Made is the simple way forward
Ready Made is the easy way to turn your super into a lasting income. The majority of your savings are invested in our Balanced option, which has delivered impressive returns of at least 10% for the past three years*. Let us choose your payment and investment options for you - you can change it later if you want to. With Ready Made, you:
- are invested in 12% Cash and 88% Balanced
- will get paid every two weeks
- receive at least 6% of your 30 June balance each year
My Choice lets you choose how your account is set up
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 to both arrangements.
- 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
- 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
Important things to know about Choice Income
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You'll need at least $25,000 in super
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
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 you 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.
Retirement Division Product Disclosure Statement - pdf, 3.2MB
For people retiring and needing to draw an income from their savings in a tax-effective environment