Retirement

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Pension options

Which pension is right for me?

If you’re aged 55 or more and you're ready to retire or semi-retire, a Club Plus Super Pension can provide you with income from your super account. A pension is tax effective and we offer two types of Pensions:

  • Retirement pension (account based)
    This option is also known as an allocated or account-based pension and is generally available to those who are over 55 and have retired from the workforce. It provides a tax-advantaged income for those aged 55 to 59 years and a tax-free income for those aged 60 years and over.
     
  • Transition to Retirement pension
    This option can be beneficial if you are 55 or over, still working and either you want to maximise your retirement savings, or want to reduce your work hours without it having a great impact on your income and potentially maintain your take-home pay!
  Transition to Retirement pension Retirement (account based) pension
Who can join? The Club Plus Pension is open to anyone who has reached their preservation age (generally age 55 or over) or satisfies another condition of release.
How old do I have to be? You must be 55 or over. Any age (provided you meet a condition of release).
Do I have to be retired? No, you can still work. Generally yes, however some exceptions apply.
Is a minimum deposit required? A minimum deposit of at least $20,000 is required to start your pension.
How long will my pension last? Your pension will last as long as you have money in your Club Plus Pension account.
Can I choose my payment amount? You can choose how much you receive each year between the minimum and maximum amounts set by the Government. You can choose how much you receive each year subject to the minimum amount set by the Government.
How often can I receive payments? You can choose to receive payments twice-monthly, monthly, quarterly, half-yearly or annually. You must receive at least one pension payment a year.

Are pension payments flexible?

You can change payment details as long as it is between the minimum and maximum payment limits set. You can change payment details as long as the minimum payment limit is met.
Can I withdraw a lump sum? Yes, but only in very limited circumstances. The first withdrawal each year is free. A fee of $55 will be payable for each additional withdrawal. Yes, a minimum of $1,000 (conditions apply). The first withdrawal each year is free. A fee of $55 will be payable for each additional withdrawal.
What tax rates / concessions apply?
  • Your marginal tax rate will apply on the taxable portion of your superannuation balance if you are under age 60.  However, a tax offset of 15% of the taxable amount paid will be applied, therefore, reducing the tax payable.
  • 0% tax applies on all your pension payments if you are 60 and over.
  • 0% tax applies on investment earnings.

Downloads

For more information about Club Plus Super’s Pension product, please download the Pension PDS or contact our Pension Hotline on 1800 204 194, Monday to Friday from 8am to 6pm AEST. Alternatively, submit an enquiry.