Considering retirement can be both exciting and perhaps daunting at the same time. You might be ready for full retirement or may want to 'ease' into it slowly.

If you're with Equipsuper, you can do either. We offer two types of pensions: a Transition to Retirement Pension (TRP) if you are still working, but want to reduce your hours while starting to draw some income from super, or an Account Based Pension (ABP) for when you fully retire.

 

You can download the SuperRatings Fundamentals report on our Account Based Pension here.

Easing into retirement

If you are over your preservation age, a TRP allows you to continue working while drawing an income from your super. You may use a TRP if you're doing one or both of:

	Reducing your working hours, but wishing to top-up your reduced salary or wage with income from your super;
	Using your TRP in conjunction with salary sacrifice as a strategy for creating a more tax-effective income while increasing your retirement savings.*
	* We recommend that you seek professional financial advice if you are considering this type of strategy.

If you have a TRP, you can choose your income and frequency of payment and which investment option your money is invested. For full details, please refer to Fact Sheet #3a – TRPs – an income while you work.

Ready for full retirement

An ABP can provide you with a flexible income in retirement while leaving you in control of your capital. You can choose your income (subject to a minimum annual requirement), frequency of payments and where your funds are invested. Please view Fact Sheet #3 – Account Based Pension – income when you retire for all the details.

Tax implications of retirement

If you are aged 60 or over, you will generally pay no tax on money you draw from your super in retirement. If you are under 60, you should consider the ways in which your super will be taxed. For general information, please view the Your super and tax section of our Learning Centre.

Free pre-retirement seminars

Our Financial Planning team regularly holds free seminars for people nearing retirement. Topics covered include receiving an income stream from your super without retiring, using an account based income stream to fund your retirement and Centrelink eligibility. Click here for details on upcoming seminars. 

Getting personal advice

Before making any decisions about your retirement options, we recommend you see a financial planner. If you would like to speak to an Equipsuper Financial Planner, please call 1800 065 753, or you can visit the Equipsuper Financial Planning website www.equipfp.com.au for further information.

General information

For full information on our income streams, including investment options and fees, please read the Pensions Product Disclosure Statement (PDS).For general information on retiring, you can view Fact Sheet #33 – What leads to a happy retirement and #34 – The value of delaying retirement.