Pre-Retirement Pension account
Our Pre-Retirement Pension is designed to help you ease as seamlessly as possible into retirement
How does a pre-retirement pension account work?
If you’re still working and have reached your preservation age, this account gives you the option to access your super as a Pre-Retirement Pension (also known as a transition to retirement account). Until you reach retirement age, there are some restrictions:
- Annual payments must be a minimum of 2% of your account balance and no more than 10%
- Lump sum payments are not allowed.
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.
How you can benefit
You could reduce your current and future tax bills, and investment earnings are taxed at 15% compared with your marginal tax rate. You can also continue to grow your super while you’re still working.
Enjoy more flexibility as you head towards retirement. Reduce your work hours with the comfort of knowing you can supplement your take home pay by accessing your super.
You must reach preservation age before you can access your super benefits. This age ranges from 55 to 60 depending on when you were born.
|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|
How to apply
If you need more information please call us on 1300 963 720. Or for more detailed information about our Pre-Retirement Pension, download the Product Disclosure Statement. This document includes the application form.
We're here to help
Need more help? We can help guide you if you have any questions about our Pre-Retirement Pension account.