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When you retire you can turn your super into regular income payments from a Retirement Income account.

This is also known as an account-based pension.
 

  • turn the super you’ve saved into a regular income in retirement
  • your regular income payments are 100% tax-free if you're 60 or over
  • the earnings on your super investments are tax free you can decide how much you get and how often you get paid
  • you can change your payment arrangements at any time
  • you can access additional lump sum amounts at any time
  • you choose how your money is invested and continues to earn more.

Why you might consider this account

Once you have opened a Retirement Income account you can use it to draw down regular income payments. Think of it as getting an income but from your super. Your money stays invested so it can keep growing. This type of account has lots of flexibility and great tax benefits.

How super works with the Government Age Pension

Your super will be a key source of your retirement income but it may not be the only one. You could also have money coming from other investments, savings, or the Government Age Pension. The Government Age Pension is paid to over 60% of Australians,2 so it’s a good idea to check if you’re eligible. If you are, it can supplement your income payments from your Retirement Income account.

2 Australian Institute of Health and Welfare, March 2021.

Find out if you're eligible

Investment performance

Over time, your balance will go up and down depending on how your investments perform. This can cause fluctuations in your super balance and this is a normal part of the market cycle. That’s why it’s important to remember even in retirement, that super is a long-term investment.

You can find out how your investment options are performing at any time. We list monthly investment performance, through the last 10 years.

You get more with Aware Super

We deliver strong, long-term performance^

Our strong long-term returns mean you can retire with more money in your super balance. You can view investment performance here.

Our competitive fees make a big difference to your super balance over time.

We offer competitive fees, and don’t charge you to switch investment options.

We’re one of Australia’s top-rated funds

We regularly receive top ratings and awards from industry leading rating agencies.

Help with your account at no extra cost

You can get help to questions about your Aware Super account at no extra cost for members.

Guidance and advice

We have a range of resources online to help guide you. As you move from planning for retirement, to living your life after you stop working. Simple advice on your Aware Super account, including retirement income options, is available at no extra cost.

Book an appointment for tailored financial advice

Get one-on-one professional guidance and a tailored approach to help your reach your goals. Comprehensive advice is provided on a fee-for-service basis.

An award-winning app

You’ll have access to our award-winning mobile app# where you can manage your super anytime, anywhere.

Socially responsible investing

We are tobacco free fund** and have been recognised for our responsible investment approach through awards, memberships, and invitations to join global initiatives.

^ Source: Super Ratings Pension Fund Crediting Rate Survey 31 December 2022 (SRP25 Conservative Balanced (41-59 Index) - approximately 25 funds). Aware Super Retirement Income Conservative Balanced option (previously known as the Balanced Growth option) delivered an average yearly return over 10 years to 31 December 2022 of 7.20 p.a % compared to the index median of 6.67% p.a for the same period. Returns are net of investment fees, tax and implicit asset-based administration fees. Investment returns are not guaranteed. Past performance is not a reliable indicator of future performance.

#The Aware Super app was awarded Gold at the 2021 Sydney Design Awards in the Digital - Expanded Service or Application category; Winner at the 2020 Good Design Awards Australia in the Digital Apps & Software category and was awarded Gold at the 2019 Sydney Design Awards in the Digital - New Service or Application category.

** What does tobacco free mean?

How to set up a Retirement Income account

To set up an account, there’s a few steps you’ll have to complete first.
 

Before opening an account, you should read both the:

Product Disclosure Statement (PDS). The PDS provides more detailed information about our Retirement Transition product, and

Target Market Determination (TMD). The TMD describes who the product is suitable for. You can use this information to help decide whether this product is right for you.

Read the Product Disclosure Statement
Read the Aware Super Target Market Determination

Opening an account is easy and only takes a few steps. You can join online or fill out the 'Open a retirement account' form at the back of the PDS and send it to us .

This form will let us know how you want your account to be set up.

You’ll need to tell us the following information:

  • your personal details
  • how much you want to transfer from your super,
  • where you want your money invested,
  • how much and how often you want to receive your regular income payments, and who you want to receive your super money when you die.

This video shows you how to fill in the application form, step by step.

Transfer money from your super (accumulation) account into your Retirement Income account.

How to set up a Retirement Income account

Once your retirement account is open, you can’t add more money to it. So, if your money is coming from more than super account, you’ll need to combine it first in an Aware Super Future Saver account. You can then transfer one payment into your Retirement Income account.

All it takes is about two minutes to combine any super you have into your Aware Super Future Saver account.

Follow these steps to set up your Retirement Income account. But first read the PDS to make sure this product is right for you.

 

If you have money coming from more than one super account, you'll first need to combine it in an Aware Super Future Saver account, then transfer one payment into your new Retirement Income account.

Combine your super now

Work out how much money you’ll need each year using our target income tool.

Make sure you consider any Government Age Pension you may be eligible for.

This amount will be a guide to how much you’ll need as income payments each year.

Opening an account is easy and only takes a few steps. You can either join online or fill out 'Open a retirement account form', at the back of the PDS and send it to us.

This form will let us know how you want your account to be set up.

You’ll need to tell us the following information:
 

  • your personal details
  • how much you want to transfer from your super
  • how much you want to withdraw as regular income
  • what you want to invest in, and
  • who you want to receive your super money when you die.

Tells us how much of your super to transfer into your Retirement Income account.

You can put money into your Retirement Income account from other sources, such as personal savings. It needs to go into your super accumulation account first (but be aware there are caps of how much you can contribute to your accumulation account).

Tell us how much you want to receive and when you get paid.

If you want to change payment details later, you can do so via your Member Online account or by completing a Change of member details - Retirement Income form.

This video shows you how to fill in the application form, step by step.

Ready to open a Retirement Income account?

You can either join online or download the PDS and you can get started. You can change your mind at any time, and make extra withdrawals when you need them.

Open an account

Product details and fees

To start withdrawing your super, you need to meet certain conditions. This includes reaching the age set by the Government where you can start drawing from your super. This is called the preservation age, which is 60 for most people.

You can start a Retirement Income account if:
 

  • you are 65 or over, even if you're still working
  • you reach your preservation age and retire, or
  • you have ceased an employment arrangement at 60 or over, or
  • you have become permanently incapacitated, or terminally ill.

To start withdrawing income from your account, simply open a Retirement Income account. Transfer some, or all, of your money from your super account.

You can open a Retirement Income account with a minimum of $20,000.

How you get paid

How much and how often you get paid is up to you. You can choose to be paid either fortnightly, monthly, quarterly, half-yearly or annually. You can make changes to your payments at any time. And you can withdraw lump sum amounts whenever you want to.

When you open an account, we’ll ask you for these details and the bank account you want to be paid into.

How much you can withdraw

There is no limit on how much money you can pay yourself but you do have to withdraw a minimum amount out of your balance each year. This amount is set by the Government and depends on your age.

Find out your minimum withdrawal amount

As one of Australia’s largest super funds, we use our size to keep costs down. Our goal is to maximise our members’ super savings so they can enjoy their retirement.

Helping you understand your fees and costs.

Here are the types of fees you will come across:

Scroll table horizontally on mobile

Types of fees A little bit about them
Administration fees and costs

These fees help to cover the cost of running the fund. They are fixed and deducted directly from your account.

If you have a Retirement Income account, you pay:
 

  • an account keeping fee is $52 per year , plus
  • an asset-based administration fee is 0.23 % ($115 per $50,000) of your account balance each year, up to a maximum of $125 per month ($1500 per year).

 
Investment Fees and costs

These fees are variable, which means they can change from year to year. Investment fees and costs are included in the calculation of the unit price of the investment option and are made up of:
 

  • Investment base fees. These include fees paid to investment managers, and the costs of the Aware Super Investment team for managing your money.
  • Performance fees. These are fees paid to investment managers when they exceed their performance targets.
Transaction costs These costs are variable, which means they can change from year to year. These costs are included in the calculation of the unit price of the investment option. They include the costs of buying or selling an investment as well as the costs of researching a potential investment.


Find out all our fees and costs

Product Disclosure Statement including the Open your retirement account form (PDF)
Target Market Determination (PDF)
Retire with Aware Super fact sheet (PDF)

The Aware Super Retirement Income account is designed for people who are:
 

  • 65 or over, even if still working
  • have reached their preservation age and retired
  • have ceased an employment arrangement at 60 or over, or
  • have become permanently incapacitated, or terminally ill.

Your account works by allowing you to transfer your super balance into an income stream account with Aware Super. You can then receive regular income payments based on how much and how often you want (subject to Government minimums). This can be tailored to suit your needs.

You can also make lump sum withdrawals from your account, as well as change the amount of income you receive or how often you are paid.

If you are between your preservation age and 64 you are able to draw an income from your super. If you are still working, you can able to open a Retirement Transition account - it is important to note that a maximum annual payment limit of 10% of your balance applies. To be eligible you need to have reached your preservation age and not be permanently retired.

If you are aged 65 or over, you are only eligible to open a Retirement Income account (whether you are working or retired).

Find out how you can transition to retirement

If you are between your preservation age and 64 you are able to draw an income from your super. If you are still working, you can able to open a Retirement Transition account – it is important to note that a maximum annual payment limit of 10% of your balance applies . To be eligible you need to have reached your preservation age and not be permanently retired.

If you are aged 65 or over, you are only eligible to open a Retirement Income account (whether you are working or retired).

Find out how you can transition to retirement

It’s ok if you're not ready to draw down from your super. You can keep your money invested in a regular super (accumulation) account and let it grow. When you're ready, you can transfer your super into a Retirement Income account.

Yes, if you are 65 or over and still working, you can open a Retirement Income account.

If you’re between your preservation age and 64 and still working, you can open a Retirement Transition account. This can be a great way to reduce your working hours and maintain the same level of income.

Investment returns could make up 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.

You can only transfer money up to a set limit in your lifetime into a tax-free retirement account. This is called the transfer balance cap. For 2022-23. the cap is $1.7 million. Your limit will depend on your personal transfer balance cap, which is based on your circumstances. You can view your cap on ATO Online via your myGov account.

Yes, you can withdraw lump sum amounts whenever you need.

With a Retirement Income account you get to choose how much you get paid , and how often. And you can change this as often as you like. This means you can:
 

  • receive regular income payments from your account into your nominated bank account
  • make extra cash withdrawals whenever you need to, and
  • choose how much and when you get paid each year.


Change your Retirement Income payments

Yes, you can still keep your super in an accumulation account if you wish.

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

Before the age of 60, income payments and cash withdrawals can be taxed. All investment earnings are tax-free at all ages.

The Government decides the preservation age rules for accessing super. Because people are living longer in retirement, they gradually increase the preservation age from age 55 to 60. This is to encourage Australians to grow larger super balances to have more money in retirement.

You can only transfer money up to a set limit in your lifetime into a tax-free retirement account. This is called the transfer balance cap. For 2022/23, the cap is $1.7 million. Your limit will depend on your personal transfer balance cap, which is based on your circumstances. You can view your cap on ATO Online via your myGov account.

Find out your personal transfer balance cap

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