How it works
Super (short for superannuation) is an important and compulsory savings plan for when you stop working. There are a number of ways to put money into your account, but mainly your employer pays this as part of your wage or salary.
When you are nearing retirement, but still working, subject to some rules set by the government, you can activate your Income account to receive regular payments from your super to supplement your income. You can also continue to save for your retirement in your Super-savings account. You may even be able to get tax benefits to help you grow your super balance. Then, when you retire you can receive a regular payments from your Income account or you can withdraw some or all of your account balance when you need it.
Sunsuper for Life
- Contributions and rollovers go into your super-savings account
- Your balance is invested and your super grows over time
- You have a choice of 21 different investment options
- If you’re eligible, you’ll receive Death and/or Total and Permanent Disability (TPD) Assist cover automatically when you join Sunsuper
- When you retire, you can withdraw your money, or you can open an Income account and receive regular payments
- Investment earnings are generally taxed up to 15%
- Generally, you can’t make a withdrawal until you reach your preservation age (although it can be accessed earlier in limited circumstances)
If you want to receive your super as regular payments when you retire (or transition to retire) instead of all at once, you can activate your Income account.
- Receive regular payments of your super to supplement income when you start winding down work (Transition to retirement)
- Receive money as regular repayments when you retire (Retirement)
- Withdraw some or all of your balance when you need it
- There are no exit fees for partial lump sum withdrawal
- Investment earnings (returns) are generally tax free (from 1 July 2017 for Retirement Income accounts only)
- You can manage your Income account online using Member Online
- Receive a retirement bonus of up to $2,400 (subject to eligibility)