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What is transition to retirement?

A transition to retirement (TTR) pension lets you access up to 10% of your super each financial year while you're still working. It's a type of account-based pension or retirement income stream for people aged under 65.

Our Transition to Retirement Income account might help you manage things like:

  • Your health and work/life balance
  • Carer responsibilities
  • Easing back on work hours
  • Tax on super and investments
Transition to retirement benefits
  • Work less, earn the same

    Top up your take-home pay while you cut back your working hours.

  • Keep your super growing

    Take some super out while still growing your balance with employer contributions.

  • Tax-free income payments

    From age 60, you can get payments from a TTR account tax free.

Plan ahead with our award-winning accounts

Our Income accounts have won multiple awards for outstanding value over many years. But our members are the real winners.

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How does transition to retirement work?


Open a TTR account

Transfer at least $30,000 from your super account to open your TTR account.


Keep your super account open

Leave at least $6,000 in there. You'll need this account for both employer and voluntary contributions.


Draw money from your TTR account

Turn some of your super into regular payments into your bank account.

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Watch or listen: How to transition from work to retirement

Pros and cons of a transition to retirement income stream

Listen in to check if a transition to retirement strategy is right for you.

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What if I need to make changes?

Your TTR account is flexible – you can change how often and how much you're paid anytime you need to (within the government limits). Download the product disclosure statement (PDS) for more details and examples.

Download PDS

How to start a TTR Income account

  1. Log in to Member Online, or if you're not a member, join today.

  2. In the menu, select Account, then Set up an Income account.

  3. Follow the steps to start your account.

Open a TTR account now
Transition to retirement eligibility

You can open our TTR account if:

  • you're between age 60 to 64
  • you're still working
  • you have at least $30,000 to start your account.

What happens when I want to fully retire?

What happens when I want to fully retire?

When you're ready to move into full retirement mode, contact us. We'll help you to either:

If you don't tell us, your account will automatically switch over to a Retirement Income account when you reach 65.

If you withdraw all your super when you retire instead, you'll miss out on the chance to get our Retirement Bonus.

Explore your retirement options today
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How does this fit into my retirement journey?

Transition to Retirement Income account

You are here

Start using your super so you can work less and get extra cash.

  • Get payments while still working
  • Keep growing your super
  • Flexible payment options
Retirement Income account

Turn your super into a regular income when you retire.

  • Works with other pensions
  • Choose your investment options
  • Flexible payment options
Tell me more
Lifetime Pension

Add security with an income for life and money-back protection.

  • Never runs out
  • Possible Age Pension benefits
  • Payments adjusted yearly
Tell me more

Transition to retirement rules

A TTR Income account can be a great way to ease into retirement. But check that it's right for you. Here's the transition to retirement rules you need to know.

Have more questions?

It's worth getting financial advice about your account. The cost is part of your membership.

Advice options

The government 'preserves' your super by restricting when you can access your money, to help it grow for your retirement. This means any money you invest in super stays in super, until you at least reach your preservation age (access age).

Your preservation age depends on your date of birth.

  • It's now 60 years old.
  • If you were born from 1 July 1964 (or earlier), you can already use your super.

Transition to retirement age

You can use our Transition to Retirement Income account from your preservation age (generally age 60) to age 64.

Are you 65 or over? Check if our Retirement Income account and/or Lifetime Pension suits you.

You can choose how much income you take from your TTR account and when you want to get it, within the yearly limits.

The government sets a minimum that you must take as a payment each financial year. It's a percentage of your balance at the start of the financial year, based on your age.

Your age Min payment Max payment
60 (preservation age) to 64 4% 10%

A TTR account can help you wind back on work without impacting your take-home pay. Or help you save more before you retire. But there are some drawbacks.

Let's look at the pros and cons of a TTR strategy.

Pros of TTR
  • Ease into retirement by topping up your income while reducing your working hours.

  • Keep growing your super balance, because you’re still working.

  • Tax-free income payments from age 60.

Cons of TTR
  • Taking out some super now could mean you have less when you retire.

  • A TTR pension may affect any Centrelink payments you get.

  • You need to talk to your employer about whether you can reduce your working hours.

Yes, we invest the money in your Transition to Retirement Income account, so your super has the chance to keep growing.

Choosing the right investment option for your TTR account can make a big difference to your retirement income.

You can pick from our range of investment options.

The income you get from a transition to retirement income stream often gets taxed less than your salary from working.

Your income payments are tax-free, and investment earnings in your TTR account only get taxed at up to 15%.

Learn more about tax and your super. Or read the Super Savings Product Disclosure Statement for Income Account and Lifetime Pension.

If you have insurance with your Accumulation account, you can usually keep this insurance when you start your Transition to Retirement Income account.

You just need to leave enough super in your Accumulation account to pay the insurance premiums.

Get more details in our Super Savings Insurance Guide.

Start your transition to retirement

Get a head start on the next stage of your life. It's easy to open a TTR account online.