Transition your retirement

Whether you'd like to reduce your work hours or even boost your super before you retire, Aware Super offers a Retirement Transition account designed to meet your needs as you ease into your retirement.

This video shows you step-by-step how to fill in a Retirement Transition account application form before you apply.

It's a good idea to have these details and documents handy.

Step one: Fill in your personal details. Note: giving us your tax file number is a good idea.

Step two: Set up your Retirement Transition account to set up your account. You need to have an Aware Super accumulation account. If you're already a member, list your member and account numbers here. If you're not a member, you'll need to open an Aware Super account online at aware.com.au/join and then you can come back to complete this form.

Step three: Combine and contribute to your super account. This section helps you combine any money you would like to contribute before starting your Retirement Transition account.

You can combine any external super accounts or multiple Aware Super accounts into one.

You can also contribute any extra money from your savings to boost your account balance. It's important to note that once you start a Retirement Transition account, you can't add any more money to it, but you can roll your balance back into your accumulation account at any time to contribute more and then start a new Retirement Transition account with the extra money.

Step four: Decide how much you want to invest in your Retirement Transition account. Once you combine all the money you want to transfer into your super account, we can start your new Retirement Transition account. But first you'll need to confirm how much to put in.

Step five: Choose how your Retirement Transition account will be invested and pick your withdrawal options. You can either choose to trust our default option investment strategy where we select the investment option according to your age, or you can choose the investment options yourself. You can even choose which investment options your income payments will be made from.

Step six: Nominate a beneficiary. Since super doesn't form part of your estate, or will, you have the option to nominate someone to be the recipient of your income stream should something happen. If you're survived by a spouse, you can elect them as a revisionary beneficiary so that your income stream payments will be paid to them. Alternatively, you can make a binding or non-binding death benefit nomination for your account.

Step seven: Tell us how often you want your payments to be made and the amount.

Step eight: Provide us with your bank account details to receive your income stream payments.

Step nine: Provide electronic proof of identity. This includes a copy of one of the following identification documents driver's license, passport, or proof of age card.

Step 10: Review the information we provide about the privacy of your personal information.

Step 11: Once you have read and agreed to the statements in the declaration, please sign and date the form here.

You have now successfully completed the form.

Now all you need to do is send us your form to the address, provided we're here to assist you.

You can call us directly or request someone to call you back using our online booking form.

The account works by allowing you to transfer your super into a Retirement Transition account. You can then receive regular income payments from your super savings to top up your income. You can be paid up to 10% of your account balance each year. How often you are paid is up to you. This can be tailored to suit your needs.

To be eligible for a Retirement Transition account, you must have reached your preservation age, are aged 64 or under, and still working.

Preservation age is the age the government allows you to access your super money.

Find out your preservation age

If you are aged 65 or over, you are only eligible for a Retirement Income account.  This is because once you turn 65 there are no longer any restrictions on accessing your super.

Set up a Retirement Income account

If you are retired from the workforce and over 60, you can open a Retirement Income account. 

Find out more about a Retirement Income account.

Investment returns could make up to 30% of your super balance at retirement, so it’s important to make the right investment choice. Aware Super has a menu of investment options designed to meet your changing needs.

You can decide how your money is invested and can switch between investment options at any time.

Choose from our default option, Conservative Balanced, or create your own mix of investment options.

Find out more about your investment choices.

You'll need to make a minimum initial investment of $20,000 to open the account.

No. Except in some limited circumstances, you cannot make lump sum withdrawals from your super. See the Retirement Income Product Disclosure Statement (PDS) for details.

Yes. Because you are still working you need a super accumulation account to receive employer or other contributions into. It also can continue to give you access to insurance. Insurance is not offered in retirement.

This depends on your age. If you are aged 60 or over all income payments are 100% tax free.

Before the age of 60, income payments may be subject to tax.

All investment earnings in a Retirement Transition account are taxed at 15%, the same as a regular super account.

You can’t salary sacrifice directly into a Retirement Transition account, but you can have it paid into your super (accumulation) account.

You will need to ask your employer to provide you with all the details on how to set up your salary sacrifice. Your employer will let you know how this will affect your overall salary package.

Salary sacrifice your super

It’s up to you how your money is invested. You can leave it to us and we will invest your money in our Conservative Balanced option. But if you’d like to make your own investment choice, we offer investment options that you can mix and match, depending on how hands-on you want to be in managing your super. You can switch at any time. Learn more about your investment options.

If you have a Retirement Transition account, the fees and costs are:
 

• An account-keeping fee of $52 per year

• An administration fee of 0.17% of your account balance each year (capped at $1,300 per year).

• Investment fees and costs and transaction costs, which vary depending on the option(s) you choose.