Pension

The AustralianSuper Pension was launched on 1 January 2008.

The AustralianSuper Pension is formally referred to as an account-based pension. An account-based pension allows you to access your super as a flexible and regular income stream during, or leading up to, retirement.

If you are eligible (see criteria below) to take up an account-based pension, you will need to transfer all or some of your money from your superannuation account to a pension account. Super is generally the only kind of money you can use to set up an account-based pension.

An account-based pension requires by law that a minimum amount of the account balance be withdrawn every year. The minimum amount is simply a percentage of your account balance, determined by your age. There is no maximum amount that must be withdrawn.

Eligibility
To be eligible to take up an 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 first two requirements noted above, you will be eligible to take up the AustralianSuper Pension, using the Transition to Retirement option.

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 that is ‘unrestricted non-preserved’; that is, it can be accessed any time
• 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).

It’s important to note that a pension available from a super fund is different to the pension you may be able to access through the Government.

To find out more about the Government age pension, contact Centrelink.

 

_{* If you have changed employment on or after age 60 or have reached 65, you are also eligible to commence an AustralianSuper Pension.}

_{** You must also be over 18 years of age to be eligible for an AustralianSuper Pension.}