Retirement Solutions - Transitional Income Stream
If you have reached your preservation age (see below) you can access your super without having to retire or leave your job. This is called 'Transition to Retirement' and allows you to continue building up your super by way of employer contributions, salary sacrifice, or non-concessional contributions, while drawing on it at the same time.
You can take advantage of the Transition to Retirement rules by transferring all or some of your super into a Retirement Solutions - Transitional Income Stream account.
How it works
Income payments from this account are subject to age-based minimums (see below) and a maximum of 10% of your account balance as at 1 July each year. Once converted into this product, you can only take your money as a lump sum, or take more than the 10% limit if one of the following applies.
If you:
- turn 65;
- retirement permanently on or after your preservation age (see below);
- leave employment on or after age 60;
- die or become totally and permanently disabled;
- are diagnosed with a 'terminal medical condition'; or
- are required to pay a contributions surcharge or superannuation related tax liability.
How to join
To be eligible to join the Retirement Solutions- Transitional Income Stream account, you must have reached your preservation age (see below). Before joining, please read and understand the Retirement Solutions Product Disclosure Statement (PDS), then complete the application form.
If you have any questions about this product or the PDS, please contact our friendly Member Services team on 08 9480 3500 or 1300 99 85 42 (country callers).
Preservation age
The Government has placed restrictions on when you can access, or withdraw your super. This is called “preservation” and it aims to make sure everyone saves for their retirement. Your specific “preservation age” depends on when you were born.
|
Date of birth |
Preservation age |
|
After 30 June 1964 |
60 |
|
1 July 1963 to 30 June 1964 |
59 |
|
1 July 1962 to 30 June 1963 |
58 |
|
1 July 1961 to 30 June 1962 |
57 |
|
1 July 1960 to 30 June 1961 |
56 |
|
Before 1 July 1960 |
55 |
Aged based minimums
The Government sets a minimum amount which we must pay you at least annually. This minimum amount is based on your age and a percentage of your account balance at 1 July each year, as follows:
|
Age |
% of account balance |
|
Under 65 |
4 |
|
65 - 74 |
5 |
|
74 - 79 |
6 |
|
80- 84 |
7 |
|
85 - 89 |
9 |
|
90 - 94 |
11 |
|
95 or more |
14 |
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