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Income account - Transition to retirement (TTR)

A TTR Income account allows you to supplement your income with regular payments from your super savings whilst you transition to retirement. 

How does a TTR work?

  • Once you’ve reached preservation age you have the option to draw a regular income from you super.
  • You can draw down a minimum of 4 per cent up to a maximum of 10 per cent of your Income account balance in any year to help supplement your other income.
  • When you activate your Income account, you need to invest a minimum of $60,000.
  • You can continue to make contributions to your super. In fact, there may be favourable tax advantages for you in doing so.
  • There are no restrictions on the amount you can transfer from your Super-savings account to an Income account (although you will need to keep some balance in your Super-savings account if you, or your employer, are still making super contributions).
  • Once you turn 65 or fully retire, your TTR will be converted to an Income account – Retirement with no limit on the maximum amount you can take as income and no restrictions on lump sum withdrawals.
  • Finally, you may be eligible for a Retirement Bonus of up to $2,400 when you activate your TTR.*

Please note: Accessing your super benefits may affect your eligibility for social security benefits. Call us on 13 11 84 to check.

Ready to activate your Income account?

If cutting back your hours at work and easing your way into retirement sounds good to you, you can activate your Income account - Transition to retirement -quickly and easily in Member Online or complete an Income account request form [PDF414KB].

The Federal Government “preserves” your super by restricting when you can access your money. This means any money you invest in super stays in super, until you at least reach your “preservation” age. The preservation age is a Government specified age at which you can access your super benefits once you retire and depends on your date of birth as shown below:

 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
 After 30 June 1964   60

*Subject to eligibility and conditions apply. The Retirement Bonus is calculated as 0.30% on any funds you transfer to your Income account up to a maximum of $2,400. You must be an existing member with a Super-savings account for a minimum period of 12 months to qualify and continue to hold an Income account at 30 June 2017 to be eligible for the Retirement Bonus. Members who currently have or previously had an Income account are not eligible. The Retirement Bonus will be paid into eligible accounts at the end of the financial year, starting from 30 June 2017.