Published 11 August 2020 (updated 1 December 2021)
LGIAsuper’s Transition to Retirement (TTR) Pension account can allow you to receive an income from your superannuation while you are still working. This type of account is for members who have reached their preservation age, which is between 55 and 60 years, depending on when you were born (see table below).
You can use a Transition to Retirement Pension account to receive additional income on top of your wage, or to top-up your income as you work less leading up to retirement.
This account is similar to our full Pension account, but you are unable to make lump sum withdrawals, and there are limits on how much you can take out each year, as follows:
You can choose from fortnightly, monthly, quarterly, half-yearly or annual payments.
While receiving the additional income from a Transition to Retirement Pension account, some people also choose to grow their superannuation further with salary sacrifice (before-tax) contributions.
Depending on your salary level, this can be a tax-effective way of contributing into your superannuation, if you stay underneath your concessional contributions limit (cap).
To open a Transition to Retirement Pension account you will need:
|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|
Once you turn 65, your Transition to Retirement Pension account will automatically be converted to a standard Pension account, which gives you more flexibility to access your superannuation.
Before starting a Transition to Retirement Pension account, please refer to our Pension account Product Disclosure Statement. We also recommend you seek financial advice before deciding if this type of account is right for you.
LGIAsuper members can access our financial advice service*, with two types of advice available: limited advice on a single issue related to superannuation at no additional cost; and comprehensive retirement advice where fees will vary depending on the type and complexity of advice.
If you would like to discuss your retirement options with one of our financial advisers, please call us on 1800 444 396.
* LGIAsuper has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of LGIAsuper. LGIAsuper Financial Advisers are Authorised Representatives of IFS.