Your Pension account
An AustSafe Super Pension allows you to:
- Draw a regular income from your super rather than a lump-sum
- Create a tax-effective environment for your super savings, and
- Control your retirement income by choosing how much and how often you want to receive payments.
To be eligible, you must:
- Be over age 55 and not working anymore
- Be over aged 65 (regardless if you’re still working or not), or
- Be permanently incapacitated and unable to work again.
How it works?
Like your super, you can choose how your money is invested by selecting from a range of investment options to suit you.
Although the amount you choose to receive from your pension is up to you, a minimum payment based on your age and account balance must be paid each year. You can change the frequency and amount at any time by completing the Change of pension payment amount and frequency form, or even make one-off withdrawals. For more information on these amounts, read our Pension PDS.
|Your age at 1 July||Minimum pension factor (2017/18 financial year)|
|Under age 65 (55-64)||4%|
|Age 95 and over||14%
You need a minimum of $50,000 to open an AustSafe Super Pension.
The minimum amount that you must be paid over a financial year from your AustSafe Super Pension account is calculated by multiplying your account balance by a percentage.
Pension account capped at 1.6 million
If you are entering retirement after 1 July 2017, any superannuation in excess of the $1.6 million cap can remain in the accumulation phase, where earnings are taxed at 15%. If you have an existing pension on 1 July 2017, amounts in excess of the cap on this date will need to be rolled back into an accumulation account or withdrawn.
Round up your super
You can’t add more money to your Pension account once your regular payments from the account have started. So it’s often best to round up your super and make any lump sum contributions into your AustSafe Super Industry or Personal Super account, before you transfer it to your new AustSafe Super Pension account.
For more information on this account, read our Pension PDS.
Save time - use PensionOnline
You can use PensionOnline to securely manage your account at any time or place to suit you. PensionOnline lets you:
- Check your account balance
- Update your personal details
- Review and change your investments.
Not registered? You can register here.