Your Transition to Retirement (TTR) Pension account
A Transition to Retirement (TTR) Pension lets you receive regular income from your super and at the same time continue to build your retirement savings.:
- Access your super whilst still working, and
- Boost your super.
The strategy works best if you:
- Want to ease (transition) into retirement by reducing your working hours, while keeping your existing income level, or
- Want to boost your retirement savings.
To be eligible, you must:
- Have met your preservation age and be under age 65
- Be employed, and
- Transfer some or all of your super account balance into a retirement income account, such as the AustSafe Super TTR Pension account.
How it works
With a TTR Pension, you have two accounts:
- A super account - to receive contributions from your employer and any before-tax or after-tax contributions.
- An income account - set up with a portion of your super savings, to provide regular payments to top up your salary income.
Like your super, you can choose how your money is invested by selecting from a range of investment options that suit you.
Although the amount you choose to receive from your pension is up to you, a minimum and maximum 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. For more information on these amounts, read the Pension PDS.
You need a minimum of $50,000 to open an AustSafe Super TTR Pension account.
TTR and investment earnings tax
From 1 July 2017, investment earnings within a TTR Pension account will no longer be tax-free. These will be treated the same as superannuation accounts with a tax of up to 15% applied.
For more information on the TTR Pension 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 how your investments are invested.
Not registered? You can register here.