Getting started
There are a couple of things you need to do before you can start an AustralianSuper Pension.
Step 1: Making sure you’re eligible
There are a number of criteria you need to meet to be eligible to become a member of the AustralianSuper Pension, you must have:
- A minimum of $10,000 in super to invest
- Reached the minimum age
- Permanently retired from the workforce* (if you are still working but meet the other two requirements noted above, you will be eligible to take up the AustralianSuper Pension, using the Transition to Retirement option).
* If you have changed employment on or after age 60 or have reached 65, you are also eligible to commence an AustralianSuper Pension.
You are also eligible to take up an AustralianSuper Pension, if you have a minimum of $10,000 in super to invest, and have one of the following:
- Have super which is ‘unrestricted non-preserved’; that is, it can be accessed anytime
- Have access to your super due to a total and permanent disability**
- A death benefit approved (but not yet paid) by the AustralianSuper Trustee** (conditions apply if you are the child of the deceased).
** You must also be over 18 years of age to be eligible for an AustralianSuper Pension.
Step 2: Getting your money together
- Before you open an AustralianSuper Pension account, it’s a good idea to consolidate all of your money.
- What money do you have to roll into your pension?
- Do you need to check if you have any lost super?
- Do you need to review your insurance options as a result of consolidating your super and moving to a pension?
Step 3: Making some decisions
Before you start your pension, there are some key decisions you’ll need to make.
- Decide how frequently you want to receive pension payments
- Choose how much money you want to receive as regular pension payments
- Decide how you want to index your pension payments
- Decide how you want to invest your money
- Decide how you want to fund your pension payments
- Nominate who you’d prefer to receive your pension when you die
- Understand how your pension payments will be taxed.
Step 4: The paperwork
If you are interested in taking out an AustralianSuper Pension, you will need to complete some or all of the following forms:
