Still working but need a pension?
If you would like to move gradually to retirement by taking up a pension before you permanently leave the workforce, the Transition to Retirement option available through the AustralianSuper Pension may suit you.
Taking up an account-based pension using a Transition to Retirement option allows you to access some of your super savings before you permanently retire.
Depending on your circumstances, this option may help you ease your way into retirement by giving you the opportunity to:
- Supplement your income if you cut down your working hours
- Start receiving an income if you’re not working at all
- Reduce the amount of tax you pay
- Potentially increase your retirement savings.
To be eligible to take up a pension under the Transition to Retirement option, you need to have reached your preservation age (see table below) and be between 55 and 64 years of age.
| Date of birth |
Preservation age |
| Before 1 July 1960 |
55 |
| 1 July 1960 – 30 June 1961 |
56 |
| 1 July 1961– 30 June 1962 |
57 |
| 1 July 1962 – 30 June 1963 |
58 |
| 1 July 1963 – 30 June 1964 |
59 |
| After 1 July 1964 |
60 |
If you take up a Transition to Retirement option, you will be subject to minimum and maximum limits on the amount you can receive as pension payments each financial year. The minimum amount is a percentage that is based on your age. Between age 55 and 64, the minimum is 4%. The maximum amount is 10% of your account balance. These restrictions apply until you permanently retire or reach age 65.
