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Retirement Bonus

Boost your retirement balance by activating a Retirement income account.

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Receive up to $4,800

Conditions apply

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No need to apply

If you're eligible, the bonus is automatically added to your account after your Retirement income account commences

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No tax

you don't pay tax on the Retirement Bonus

What is the Retirement Bonus?

The Retirement Bonus is for all eligible members who transfer an amount from their Super-savings account or Transition to retirement income account to a Retirement income account.

The Retirement Bonus is generally paid in July of the following financial year to which the Retirement income account was opened.

 

Eligibility rules

You will be eligible for a Retirement Bonus if:

  • You activate a Sunsuper Retirement income account on or after 1 July 2017,
  • You held a Super-savings account or a Transition to retirement income account for at least 12 months prior to activating your Retirement income account,
  • You have not previously held a Retirement income account with Sunsuper,
  • Your Retirement income account is still active at the payment date, and
  • You have never previously received a Retirement Bonus.

How much will my Retirement Bonus be?

Your Retirement Bonus is calculated as 0.30% of your account balance up to a maximum of $4,800. The table below shows some examples:

 

Income account balance Retirement Bonus
$200,000  $600
$500,000  $1,500
$800,000  $2,400
$1,000,000  $3,000
$1,600,000  $4,800

 

If you activate a Retirement income account on or after 1 July 2017 and you make a top-up before 30 June of the financial year that the Retirement income account is established, any Retirement Bonus you are eligible for will be calculated on the sum of your starting account balance and any top-ups you make.

 

Important things to know about the Retirement Bonus

 

When Sunsuper members activate an eligible Retirement income account, there is a reduction in tax payable by the fund. The Retirement Bonus will be funded from this tax saving.

No. Due to tax changes from 1 July 2017, the Retirement Bonus is only payable if you activated a Transition to retirement income account before 1 July 2017.

Yes, you can choose any investment option and it will not affect your eligibility for the Retirement Bonus.

Yes, the Retirement Bonus will be counted as a concessional contribution for the purposes of any additional contribution tax that may apply.

Please note: You may be subject to the excess concessional contributions charge if your reportable contributions are close to the maximum cap in the same financial year that you are paid a Retirement Bonus. You should speak to a qualified financial planner or your tax adviser for personal advice on how this may impact you.

No. Contributions tax is not payable on the Retirement Bonus.

No. There is a limit of one Retirement Bonus per member. The Retirement Bonus is automatically paid to your first eligible Retirement income account with Sunsuper.

 

Are you thinking about retiring soon?

As a Sunsuper member, you can speak to a qualified financial adviser at no additional cost.
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