What is an Income account?
Also known as an allocated or account-based pension, an Income account can provide you with a regular income in retirement. Once eligible, you start by moving your super from your super accumulation account (such as a Sunsuper super-savings account) to an Income account, which will then provide you with regular payments into your bank account. You also have the ability to take out lump sum withdrawals.
Sunsuper income accounts
Sunsuper offer an income account for when you're transitioning to retirement or when you have retired. We can help you determine which income account is right for you.
Transition to retirement
When you near retirement you can boost/supplement your income while you are still working and you can continue to save for your retirement in your super-savings account.
You may be able to get tax benefits to help you grow your super balance. Investment earnings (returns) are generally taxed up to 15%.
You can receive your money as regular payments when you retire. You can withdraw some or all of your account balance when you need it. Investment earnings (returns) are generally tax-free.*
When you're ready to retire and activate your retirement income account, a Retirement Bonus of up to $4,800 may be paid on Super-savings account funds moved into your Retirement income account.**
* Taxes may be payable in foreign countries in respect of income derived from non-Australian investment earnings, and a penalty tax on notional earnings may apply if you have a high total balance in one or more superannuation retirement pensions.
** Subject to eligibility criteria, including a 12 month minimum membership period. The Retirement Bonus is generally paid into eligible Retirement income accounts in the July following the financial year in which the retirement income account was established. Please note other conditions apply.
Open a Sunsuper Retirement income account
- Any regular income payments or lump sum withdrawals are tax free if you're aged 60 or over
- Earnings on your investments are generally Tax Free*
- May be eligible for a Retirement Bonus up to $4800**
- $60,000 minimum balance, and
- You have permanently retired and reached preservation age, or reached 65 years of age