Transition to retirement

Continue working and boost your super with a Transition To Retirement strategy. This can benefit you in 2 ways if you are 60 or over: increasing your tax savings and allowing you to contribute more to your super.

1. Make extra pre-tax super contributions to reduce your take-home salary
2. Take out a Transition To Retirement Pension income stream (tax free) to make up your lost salary
3. Benefit from tax savings
4. Grow your super

Work fewer hours (or take a lower paid job) and stay on the same income as before with a Transition To Retirement strategy.

1. Reduce your work hours and your take-home salary
2. Take out a Transition To Retirement Pension income stream to make up your lost salary
3. Enjoy working less for the same income
4. Continue growing your super as you keep working

Watch our short videos to learn more about the potential benefits of a Transition To Retirement Pension

• Transition to Retirement Pension
• Recontribution Strategies explained
• Leaving super to your adult children and other non-tax dependants.

The minimum amount of regular payment is calculated each financial year ending 30 June and depends on your age on 1 July.

In the year you open your Income Stream, the minimum amount is based on your age and account balance at the date you start your pension, pro-rated for the remainder of the financial year, unless you start your Transition To Retirement Income Stream in June, in which case there’s no minimum for the remainder of that financial year (ending 30 June).

*Note that the minimum rates were halved between 2019-2023. These reduced rates ended at 01/07/2023.

If you take a Transition To Retirement Pension, your total payments in a financial year cannot exceed 10% of the value of your account at the start of the financial year (or at the date you opened your account in your first year of having a Transition To Retirement Pension).

The 10% maximum applies until you retire or reach age 65.

Near the end of each financial year, we will advise you of your minimum and maximum for the next year.

You can change your pension amount at any time in the secure area of the website.

Lump sum withdrawals from your Transition To Retirement Pension Account balance are not allowed unless:

1. You have any amounts in your Transition To Retirement Pension Account that we refer to as ‘unrestricted non-preserved’ amounts. Any amounts with this classification would have generally been rolled over into ElectricSuper from another fund (although not all amounts rolled over into ElectricSuper would be ‘unrestricted non-preserved’ amounts). Contact ElectricSuper to learn if you have any such amounts, or
2. You have met certain conditions, such as if you have permanently retired or reached the age of 65.