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Retire on your terms

You’ve been building your super steadily for most of your life, and there comes a point, when it’s time to make that super yours. And it’s worth knowing when your super will start paying you an income.

You deserve a great life after work

Whether you’re just starting to plan for life after work, or you’ve already retired, make sure your super is optimised to give you an income stream to live a great life after work.

An income from super while working

With a Transition to Retirement strategy, you can keep working while building your super, and still receive a regular income. It’s also a great way to reduce tax and make your super last.

An income from super after retiring

Another option is to have an account-based pension, so you can get a regular income—usually on a monthly, quarterly, half-yearly or yearly basis, until the account balance runs out.

We're just a phone call away

Want more information on how you can retire on your terms? Give us a call on 1800 555 667 and we’ll take you through your options and what you need to do.

Expert advice can make a big difference for your peace of mind.

Our advice offer is designed to help you maximise your financial position.

We offer expert, phone-based advice on a single super-related issue, as well as Retire Ready meetings—both at no cost to you.

And we’ve partnered with senior financial advisers to offer personal financial planning. Your first meeting is free.

Call 1800 555 667.

Make your super truly yours…

...under these conditions:

  • When you turn 65 (even if you haven’t retired)
  • When you reach preservation age and permanently retire
  • When you turn 60 and leave your employer
  • Under the transition to retirement rules, when you reach preservation age and continue to work.

For more information, read our fact sheet.

You have two options to get your super to pay you a regular income.

 

Step 1

Transition to retirement

Retiring is a big step.

The government has recognised this and created special provisions that allow people to make a gradual transition, as opposed to one big leap, by granting access to super while you’re still working. You can boost your super savings, pay less tax or, when you’re ready, start reducing the number of hours you work.

Designed to help you ease into retirement, a Transition to Retirement strategy is a great way to increase your super balance in your final working years.

Interested? Have a look at iQ Retirement.

Regular income stream

Also known as an account-based pension, this pays you a regular amount from your super.

The benefit of an income stream is that the money you’re not accessing stays invested and continues to earn returns. In fact, our 10/30/60 rule shows that most of your investment earning happens after you’ve retired.

Some helpful information

Your preservation age is the age at which you can access your super, if you are retired (or have started a transition to a retirement income stream). And it depends on when you were born.
Date of birth
Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

Most of your super savings are 'preserved'. This means you generally cannot withdraw your super until you reach your preservation age (or you meet a special circumstance).

Once you turn 65 years, your super becomes 'non-preserved'. Generally, this means you'll have unrestricted access to your super.

You may have non-preserved super, if you made voluntary contributions before 1 July 1999, or if you are aged 65 or over. Check your most recent annual statement to see if you have a non-preserved amount, and whether or not it's restricted.

If you are still employed by the company who opened your iQ Super account, the non-preserved amount may be restricted. If this is the case, you may not access it until you leave work with that company.

Available if you have received Commonwealth benefits for 26 continuous weeks and can't meet your immediate living expenses.
Available if you have been diagnosed by two medical practitioners with a terminal illness or injury that is likely to result in your death within two years.

Available if:

  • you or your family have significant medical costs (including medical transport, or costs for house or car modifications due to disability)
  • your house is at risk of being sold by your mortgage lender
  • you need to pay for palliative care
  • you need to cover the funeral expenses of a dependent.

If you need to apply for an early release on compassionate grounds, please contact the Department of Human Services directly.

Available if you are a temporary resident about to leave Australia, and not planning to live here again. There are different processes involved depending on whether your balance is less or more than $5,000.

Read our fact sheet to find out more and apply via the Departing Australia Superannuation Payment Direction.

A preferred nomination is not binding on the Trustee.

This means, if you die, the Trustee will collect all the relevant information about your personal situation before deciding who the benefit should be paid to. While the Trustee will consider the wishes you expressed in your nomination as part of this process, it's possible that your benefit will not be paid as you had nominated.

Find out more in our Nominating Your Beneficiary(s) Fact Sheet.

A binding nomination is binding on the Trustee of the Fund.

This means as long as valid beneficiaries are nominated, your benefit will be paid as you instruct. Remember, binding nominations expire every three years, so it's important to keep them updated. With expiration, the binding nomination becomes a preferred one.

Find out more in our Nominating Your Beneficiary(s) Fact Sheet.

When deciding who you want your super to go to, it's also worth considering the difference between a payment going directly to a dependant or via your estate.

Payments made to your estate can be subject to challenges to your will and claims from creditors. However, any payment made directly to a dependant cannot be subjected to these claims.

In our words

“Whether you’re transitioning to retirement or retiring completely, our iQ Retirement product provides you with the flexibility of a contribution account and a pension account—enabling you to convert your super into regular, tax-effective income, both before and during retirement.”

Emma Barrett

Director, Member Services

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