Our Pension account is designed to give you financial peace of mind in your retirement
Pension account options to suit you
Our Pension account gives you tax effective income when you retire, and you still maintain control over how your money is invested.
This account is great if you want:
- a regular income in retirement
- to choose the amount of your pension you receive each year
- flexibility to choose how often you receive your pension payments
- to make lump sum withdrawals at any time
- to choose from a wide range of investment options
- competitive fees
- to nominate your spouse as a reversionary beneficiary or make a binding beneficiary nomination
- a fund where profits are returned to members.
How you can benefit
Pay less tax
If you are 60 years or older, then your pension account payments are tax free.
Keep growing your money by investing your super funds and enjoy MyLife MySuper’s proven history of investment returns.
Control payment options
You can also choose the amount and frequency of your income payments throughout the year (as long as you meet the government’s minimum limits). There is no maximum income limit.
Minimum pension payment rates
You can choose how much income you draw from your pension each year, with minimum amounts set by the Government.
The Government has temporarily reduced the minimum annual payment required for account-based pensions by half until the end of the 2020/21 financial year. This measure has been introduced to help minimise the impact of market volatility due to COVID-19. It also offers you more flexibility to manage your super.
Please refer to the table below for the standard minimum payment percentages, and those applicable to you in the 2020/21 financial year:
|Age at 1 July 2020||Standard rate||Temporary rate for 2020/21|
|65 to 74||5.0%||2.5%|
|75 to 79||6.0%||3.0%|
|80 to 84||7.0%||3.5%|
|85 to 89||9.0%||4.5%|
|90 to 94||11.0%||5.5%|
|95 and over||14.0%||7.0%|
The minimum percentage varies based on your age on 1 July each year, and you can vary your pension payments at any time.
To choose an income level above the minimum, log into MyLife Online and edit your current withdrawal details on the ‘Withdrawals’ page. Alternatively, you can download, complete, and return the Request to vary your pension payment form, available on our forms page.
We work hard to make sure your super works for you today, tomorrow and in retirement. Enjoy a regular tax effective income in retirement, which includes these key features:
- Tax free investment earnings
- No entry, contribution, withdrawal or switching fees
- A competitive ongoing management fee
- A selection of investment options
- Pension payments are tax free once you turn 60
- Flexible pension payments
- Access to your account balance at any time through MyLife Online.
Are you eligible?
Access to super benefits is generally restricted to members who have reached preservation age.
Your preservation age ranges depending on your date of birth.
|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|
Product Disclosure Statement and application form
For detailed information about our Pension account and how to create an account, download the Product Disclosure Statement.
We're here to help
We can help guide you if you have any questions about starting a pension account.