Once you’re able to access your super, you can choose to receive it as a regular tax-free income payment, just like a salary or wages.
This page:
Outlines the payment options available to you.
Shows the minimum amount by law you’ll need to drawdown every year.
Teaches you about retirement income streams through an interactive education module.
With an Equip Super Retirement Income or Transition to Retirement Income account, you get to choose how much your regular income payment is, and how often you want to receive it.
How often – you can choose to have your income paid to you on a fortnightly, monthly, quarterly, half-yearly, or just once a year. We’ll make payments directly into your bank account based on the payment frequency you've chosen.
How much – you can also choose the amount you'd like to receive. Just note that minimum and maximum payment amounts apply (these are shown below).
You can change your income payment amount or frequency online at any time. Simply log in to Member online and edit your payment details in the Withdrawals section, accessible through the navigation menu at the top right (click the ‘hamburger’ to open).
Alternatively, you can complete and submit a Change your details form.
If you have a Retirement Income account, you can also make lump sum withdrawals from your account at any time in addition to your regular income payments. A one-off payment can be requested online via the Withdrawals section or by completing and submitting a Withdrawal and rollover form.
Our Retirement Lifestyle calculator can help you to determine how much income you’ll need to maintain your lifestyle in retirement.
Minimum and maximum payment amounts apply to the income payments you receive from retirement income products. These ‘drawdown rates’ are set by the government and may change from year to year.
For retirement income accounts, a minimum amount must be withdrawn each year, while for transition to retirement income accounts, minimum and maximum rates apply. The rates are shown below.
The minimum drawdown rate is essentially a minimum amount that the government requires you to withdraw from your Retirement Income account each financial year. It’s set as a percentage of your account balance, and it gradually increases as you get older.
We automatically calculate your income payments at 1 July each year, using your balance at that time and the rate that applies to you.
Current drawdown rates.
| Your age at 1 July each year | Minimum drawdown rates from 1 July 2023 |
| Up to 64 | 4% |
| 65 to 74 | 5% |
| 75 to 79 | 6% |
| 80 to 84 | 7% |
| 85 to 89 | 9% |
| 90 to 94 | 11% |
| 95 and over | 14% |
The minimum income payment you need to receive is calculated as 4% of your opening balance when your Transition to Retirement Income starts, and as at each subsequent 1 July. The minimum income payment you must receive is pro-rated if you open your account part way through a financial year, but if you open your account on or after 1 June, you don’t need to receive a payment in the remainder of that financial year.
The maximum income payment you can choose to receive is 10% of your opening balance when your Transition to Retirement Income starts, and as at each subsequent 1 July. If you started your Transition to Retirement Income account during the financial year, your nominated annual income will be pro-rated for the remainder of the financial year. However, if you’ve chosen to receive the maximum amount, the whole 10% will be paid to you in that financial year.
Retirement income streams let you turn your super (and other investments and savings) into regular income payments. If you're eligible, the government Age Pension can work alongside these other income sources to provide you with a more comfortable retirement.
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It’s the golden question when it comes to retirement. Unfortunately, there’s no one-size-fits-all answer. In this short explainer, we take you through the key things to consider, and showcase a range of handy tools and resources, to help you find the answer that works for you and your unique circumstances.
Retirement allows you to turn your super into a regular income stream. Which can potentially be used alongside a Government Age Pension.
Retirement allows you to turn your super into a regular income stream. Which can potentially be used alongside a Government Age Pension.
Getting a little support and guidance from the experts can make a big difference when it comes to choosing the right products for your next chapter and helping you make the move to retirement in the way you want to. And our team is here to help.
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