Transition to Retirement Pension
A Transition to Retirement (TTR) Pension account lets you receive income from your super while you’re still working (as long as you’ve reached your preservation age) and offers a number of advantages.
This account works in much the same way as our Pension account but you are unable to make lump sum withdrawals and there are limits on how much you can take out each year.
Can I open a TTR Pension account?
To open a TTR Pension account you need:
- a starting balance of at least $50,000
- to have reached your preservation age (which is between 55 and 60 depending on when you were born)
Once you turn 65 your Transition to Retirement Pension account will automatically be converted to a Pension account. This is because there are no limits on how much you can withdraw from your super after this age.
Income options to suit you
You can use a Transition to Retirement Pension account to:
- top up your income as you work less or take a lower paid position leading up to retirement
- continue working full-time and receive money from your super as additional income
- potentially reduce your tax bill and boost your super in the lead up to retirement by combining a Transition to Retirement Pension account with making salary sacrificed contributions to your super
Flexible payment options
You decide how often you receive your pension income. Choose from fortnightly, monthly, quarterly, half-yearly or annual payments.
You can also choose how much you receive each payment, within limits of 4 and 10 per cent of your super balance each year.
Low fees, genuine value
Our fees are among the lowest in the industry. You won’t pay to contribute to or withdraw from your account and it’s free to switch investment options. For more information on fees, read the Pension accounts PDS or visit the Fees page of our website.
LGIAsuper offers a wide range of investment options so you can make a choice that suits your needs. You can change your investments up to 12 times each financial year at no extra cost.
If you’re aged 60 or over your pension income is tax free. If you’re under 60 your pension income is taxable but a tax offset applies.
Investment earnings are tax free whatever your age. For more information, visit our Tax on super in retirement page.
You should read the Pension accounts PDS in deciding whether to acquire, or continue to hold, this product.