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Transition to retirement

Start using your super while working, with a TTR account

Transition to retirement

Start using your super while working, with a TTR account

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 specifically for people under 65 years old.

Whether it's for the sake of your health, carer responsibilities, or other reasons, starting your retirement early doesn't have to be all-or-nothing. Check out our Transition to Retirement Income account.

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Pros and cons of a TTR account

Benefits of TTR

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Top up your income while you reduce your working hours.

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

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Save tax on your investment earnings and income payments, compared to non-super investments.

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Ease into retirement more gradually.

Disadvantages of TTR

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Withdrawing some super now can mean you have less when you retire.

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If you receive Centrelink payments, these may be affected by a TTR pension.

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If you're reducing your working hours, this is a conversation to have with your employer.

Award-winning income solutions

Canstar outstanding value 2022 account based pension award logo

Outstanding account-based pension

We've proudly held Canstar's highest 5-star rating for outstanding value account-based pensions since 2015.

SuperRatings 15 Year Platinum Performance 2023 award logo Chant West Pension 2022 award logo Heron Star Rating Quality 2023 award logo

Highest-rated pension account

Our income accounts received the highest possible ratings from SuperRatings, Chant West, and Heron.

How a transition to retirement pension works

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Open a TTR account

As long as you've reached the age you can access your super, are under 65, and still working, you can transfer some or all of your super to a Transition to Retirement Income account. You'll need to transfer a minimum of $30,000 to open your account.

Open your TTR Income account online now:

Log in to Member Online

or join if you're not a member

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Keep your Accumulation account open

You can keep receiving employer contributions and making voluntary contributions to your Accumulation account if you leave a minimum of $6,000 in your Accumulation account. Then you'll turn some of your super into income using your TTR Income account.

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Draw an income from your super

With a Transition to Retirement Income account, you can receive regular payments from your super paid straight into your bank account.

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Need to make changes?

Your TTR Income account is flexible – so you can change up the payment frequency and amount when you need to.

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Got more questions?

You can speak with a financial adviser about what's right for your super – the cost is included with your membership.

Request a callback

Or call us on 13 11 84

Transition to retirement rules

If you're at your preservation age, you can use our Transition to Retirement Income account to access some of your super while you're still working.

This way, you could save more before you retire, or you could wind back on work, while topping up your take-home pay.

Here's the transition to retirement rules you need to know.

The government 'preserves' your super by restricting when you can access your money. This means any money you invest in super stays in super, until you at least reach your preservation age.

Your preservation age depends on your date of birth:

When were you born? Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
After 30 June 1964 60

You can choose how much income you take from your TTR account and when you want to receive it, from the minimum up to the maximum annual payment.

Each year, the government sets the minimum percentage of your balance that you need to withdraw.

Your age Min payment 2023-24 Max payment
Preservation age to 64 4% 10%

To keep your Accumulation account open, you need to leave a minimum of $6,000 in that account.

You need a minimum of $30,000 to open your TTR Income account. There's no maximum amount you can have in your TTR account.

We can also help you figure out how much super you might need to retire.

We invest the balance of your Transition to Retirement Income account, so your super has the chance to keep growing.

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

We have 18 different investment options for you to choose from.

Our administration fee for our Transition to Retirement Income account is $1.20 per week plus 0.10% p.a. of your balance (up to the first $800,000). An additional 0.07% p.a. is paid from our general reserves – not out of your account.

Investment fees and costs also apply.

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

The tax benefits you may get will be based on your age:

  1. When you're under 60, withdrawing money from your Accumulation account gets taxed at your marginal tax rate, but you may get a 15% tax offset. And investment earnings in super are only taxed at 15%, compared to investments outside of super.
  2. When you're over 60, the income payments are tax-free, and investment earnings in super are only taxed at 15%. If you're eligible for a Retirement Income account instead, the investment earnings in that account will be tax-free from age 60.
  3. When you're 65 and up, your investment earnings are tax-free.

Find out more about tax and your super or read the product disclosure statement for details.

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.

See our Super Savings Insurance Guide for more details.

When you retire for good, simply let us know to change your Transition to Retirement Income account to a Retirement Income account. Otherwise, your account will automatically switch over when you reach 65 or when you tell us you've retired.

Our Retirement Income account is an award-winning account-based pension that has even more benefits.

If you withdraw all of your super when you retire instead, you'll miss out on potentially getting our retirement bonus.

Explore your retirement options today, or get financial advice about planning your retirement with us – the cost is included in your membership.

Great, how do I get started?

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Financial advice about TTR

Transition to retirement can be complicated, so it's worth getting professional advice about your account. The cost is included with your membership.

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Start your transition to retirement

If you're sure it's right for you, log in to Member Online to open your TTR account today. Not yet a member? Join online.