What is a retirement pension?
A retirement pension uses the money you have in your superannuation to give you a tax-effective regular income in retirement.
How does the retirement pension work?
Your money is invested in your choice of investment options with a regular pension payable to you (as long as there is enough money in your Retirement Pension account to make the payment).
How can I get a retirement pension?
To start a Retirement Pension you must meet one of the following ‘conditions of release’:
- have reached your preservation age (between 55 and 60 depending on when you were born) and permanently retired
- have reached age 60 and have stopped working
- have reached age 65
- be totally and permanently disabled.
Note: If you have reached your preservation age but you are not yet retired, you can access a Transition to Retirement (TTR) pension while you are still working. Read about it below or in the Transition to Retirement Pension PDS.
How will I get my pension payment?
A Retirement Pension gives you the flexibility to choose how much pension you will receive each year (subject to the Commonwealth Government limits) and when you receive those payments (fortnightly, monthly, quarterly, six-monthly or annually).
You may also take part of your pension account balance as a lump sum at any time, although this may affect how long your pension will last in retirement.
Can I also receive the Age Pension?
You may be able to receive a partial Age Pension while you are receiving your Club Plus Pension. Read about How a pension works in the Pension PDS below. You may also want to consult a qualified financial adviser to ensure you maximise your retirement benefits.
For more information about our Retirement Pension: