Set up a regular income with an account-based pension
Follow these steps to set up your retirement account.
1. Consolidate any super accounts you have.
You can’t open an account-based pension (such as Aware's Retirement Income account) directly. You’ll need to transfer money from a super accumulation account first.
If you have more than one super accumulation account you will first need to transfer all funds into an Aware Future Saver account. When we receive all funds, your Retirement Income account can commence.
All it takes is about two minutes to combine any super you have into your Aware Super account. Consolidate your super now.
2. Decide how much you need in retirement.
We’ve made working this out easy for you with our simple target income tool. Find out more about how to work this out.
Once you know how much income you’ll need when you retire, you'll need to deduct any Government Age Pension you may be eligible for and any sources of income you get from other investments or savings.
The difference will give you the amount of super you’ll need as income payments each year.
3. Open your account-based pension account.
To open a Retirement Account with us, you can either join online, or complete fill out the ‘Open a retirement account’ form at the back of the Aware Super Retirement Income PDS, including selecting ‘Retirement Income’ under step 4.
You’ll need to give us information including:
- your personal details
- how much you want to transfer from your super
- how much you want to withdraw as regular income and how often it will be paid
- what you want to invest in and
- who you want to nominate as a beneficiary.
4. Move your money from your super account into the account-based pension.
It’s easy. Just join online or complete step 5 of the Retirement Income account opening form. We’ll then know what amount of super to transfer into your retirement account and where it's coming from.
5. Choose how often you pay yourself a regular income and how much it will be.
Complete as part of your online join or it's step 7 of form in the PDS. When your account is open, you can make changes to your income payments at any time. Change your income payments.