Learn how an Equip Super Retirement Income account can provide you with a regular and flexible income source in retirement, while keeping your super invested.
What is a retirement income account?
A retirement income account, also sometimes called an account-based pension or simply a retirement account, is a way of accessing a regular income from the super you’ve saved over your working life. Rather than withdrawing all of your retirement savings in one lump sum, it lets you keep your super invested and still working for you, while withdrawing small, regular amounts.
An Equip Super Retirement Income account lets you:
- Choose how your money is invested
- Decide how much and how often you receive income payments
- Make extra withdrawals if you need to
How your super becomes your retirement income
How a retirement income account works
Transferring your super balance into an Equip Super Retirement Income account allows you to draw a regular, tax-free income* from your savings while the remaining balance continues to earn investment returns in a tax-free environment. You can also withdraw lump sum amounts if you need to.
*Payments are tax-free if you’ve reached age 60
Who’s eligible?
To be eligible for a Retirement Income account, you need to meet one or more of the following conditions:
- you’re aged 65 or older
- you’ve reached your preservation age and retired
- you’ve become permanently disabled
- you’ve stopped working since reaching age 60.
Opening investment
You can open an Equip Super Retirement Income account by transferring at least $25,000 into your account. Then, simply nominate how much annual income you want to receive, and how often.
How to open an Equip Super Retirement Income account
You can open a Retirement Income account via our online portal. The process usually only takes around 20 minutes - you’ll just need a few personal details and items to get started.
Opening a Retirement Income account is easy. But if you have questions we're here to help. Start with our step by step instructions on how to open your account.
Competitive fees from a top-rated fund
Strong returns are only half the equation. Equip Super backs up our investment returns with competitive fees. Competitive fees mean more money towards your super. It's as simple as that.
Competitive fees from a top-rated fund
Strong returns are only half the equation. Equip Super backs up our investment returns with competitive fees. Competitive fees mean more money towards your super. It's as simple as that.
Frequently asked questions
Yes, you can have more than one Retirement Income account, but you should keep in mind that you will pay multiple sets of fees if you have more than one account, and each account has a minimum starting amount of $25,000.
With a Retirement Income account, you have the flexibility to withdraw as much as you’d like above the minimum drawdown rate. However, it’s a good idea to carefully consider how much you withdraw to make sure you leave enough money in your account for your desired retirement lifestyle.
The amount you receive in payments from your Retirement Income account doesn’t affect your eligibility for the Centrelink Age Pension, but the balance of your super does play a role in determining your eligibility. Find out more about how super interacts with the Age Pension here.
As of financial year 2025/26, the maximum you can transfer into a Retirement Income account is $2 million. This maximum amount is know as the transfer balance cap and is increased inline with inflation in $100,000 increments. Find out more at the ATO website.
No, you can’t add extra money to your existing Retirement Income account. However, it’s possible to do a ‘restart’ by closing your existing account and opening a new one. To do this, you need to add at least $10,000.
If you pass away, the balance in your Retirement Income account will generally be payed as lump sums to the people you’ve nominated as beneficiaries. Find out more about nominating your beneficiaries here.
No, these terms are used interchangeably to describe the same type of account. At Equip Super, we call this type of account a Retirement Income account. Find out more about other terms for account-based pension accounts here.
Yes, you have the flexibility to close your Retirement Income account at any time if you choose to.
“Equip Super are very easy to deal with. They have always been helpful and gave me good advice and information about my situation regarding retirement."
Elise, Equip Super member
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