Tax and your pension

Take a look. You may be surprised by the potential tax savings! Understanding how tax works could help you save money and get the most out of your retirement savings at the same time. 

Age 60 and over:

  • No establishment fees to commence your pension account
  • No tax on investment earnings 
  • No tax on pension payments or withdrawals from your Pension account.

Under age 60:

  • No establishment fees to commence your Pension account
  • No tax on investment earnings 
  • Your Pension account is divided into a tax-free component and a taxable component. The amount of tax applied to the taxable component is dependant upon your level of assessable income. The taxable component attracts a 15% tax offset. 

For more information on tax and your Pension, read the Pension PDS.