Income in retirement
You've worked hard to grow your super savings and it's finally time to say goodbye to work and the regular pay packet it provides.
Whether you prefer a regular income stream or lump sum payments, we have an option for you to meet your income needs during retirement.
What accounts are available?
Depending on your personal situation and preference, we have an account option to suit your needs once you’ve retired and reached your preservation age:
- Accumulation account - allows you to access your super when you need it by withdrawing lump sums only1
- Pension account - allows you to receive regular, automatic payments and also gives you the flexibility to access to lump sums when you want them2
How is an account opened?
When you retire your money will remain in your LGIAsuper Accumulation account. However, you also have the option of opening a Pension account.
Your current Accumulation account will remain the same once you reach your preservation age. If you are a Defined Benefits member, your super will automatically be transferred to an Accumulation account once you leave employment.
You can open this account once you reach your preservation age and have access to your super. A minimum investment amount of $50,000 is required to open this account.
Things to consider
- Super may not be your only source of income - you may have other investments and you could also be eligible for the Government's age pension
- Super is generally taxed less than other types of investments. Read more about tax on super in retirement
- Once you withdraw your whole balance you lose all of the benefits LGIAsuper membership brings
Learn more before making a decision
- Read our Accumulation account PDS and Pension accounts PDS3
- Contact our trusted and reliable LGIAsuper staff who can help you understand what option is right for you
- Contact your nearest Centrelink office for more information on super pensions and Centrelink benefits
1. Lump-sum withdrawals from your Accumulation account must be a minumum of $3,000 per withdrawal. Up to 12 lump-sum withdrawals available each financial year.
2. Lump-sum withdrawals from your Pension account must be a minimum of $1,000 per withdrawal. Up to 12 lump-sum withdrawals available each financial year. At least one pension payment each year. Payment frequency options are fortnightly, monthly, quarterly, half yearly or annually.
3. You should read the Pension accounts PDS when deciding whether to acquire, or continue to hold, this product.