LGIAsuper’s Pension account can provide you with a regular income in retirement and the flexibility to take lump sum withdrawals. Simply choose how much income you want and how often you receive payments.
The income you receive from your LGIAsuper Pension account can top up your Australian Government Age Pension (if you’re eligible) or other income support payments you may receive.
Can I open a Pension account?
You can open a Pension account when you reach your preservation age (which is between 55 and 60 depending on when you were born) and have:
- permanently retired
- left your job or changed jobs on or after turning 60
- turned 65
You also need an opening balance of at least $50,000.
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. The Australian Government sets a minimum pension amount that is based on your age and account balance at the time of opening your account. To find out what your minimum pension amount is, download our Pension accounts PDS.
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.