Cut your hours, not your pay
To cut your working hours and top-up your pay, keep your super account active and transfer a minimum of $20,000 to a Retirement Transition account.[M5]
Pay yourself using your super
Choose how often you’d like to receive payments from your super. You can draw up to 10% of your account balance yearly (minimums also apply).
Work and grow your super
Reduce your work hours as you approach retirement and keep contributing to your super. You only pay 15% on contributions, which could be lower than your marginal tax rate.
Cut back your working week and spend more time enjoying the things you love, using your super to top up your income.[M5]
If you’re over 60, all your payments to yourself from your Retirement Transition account are tax free. Plus, the money you contribute to your super is taxed at 15%, which could be lower than your marginal tax rate.
How much and how often you get paid is up to you.* Pay yourself fortnightly, monthly, quarterly, half-yearly or yearly. You can make changes to your payments any time.
Stay invested in retirement
Did you know around 30% of the income paid from your super comes from investment earnings you make in retirement?
That’s a fair chunk of change, so it pays to keep your savings invested, even in retirement.
Aware Super has a range of investment options designed to meet your changing needs. You decide how your money is invested and you can switch options any time.
What you need to know
When you turn 65 your Retirement Transition account automatically upgrades to a Retirement Income account, with even more benefits like:
- Tax-free income payments
- Tax-free investment returns (subject to a balance cap)
- Flexibility on when and how much you get paid.
Financially, this works in your favour but remember - you’re not locked in. You’re in full control of your money.
- Is this account right for you?
- Fees and costs?
- Forms & documents
- FAQ
Ready to open a Retirement Transition account?
Before you open an account
To open a Retirement Transition account, you'll need:
- To reach the minimum government age that allows you to withdraw super. That’s 60 years of age.
- A Future Saver super account with Aware Super - that’s your normal everyday super account.
- A minimum transfer of $20,000 from your Future Saver account into your new Retirement Transition account.
And just so you know before you apply, you can’t withdraw more than 10% of your account balance each year.
How to open an account
Log in, opens in a new window now to open a Transition to Retirement account. You’ll need:
- 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
- Who you want to nominate as a beneficiary.
If you’re not yet an Aware Super member, you can also complete the ‘Open a retirement account’ form in the PDS.
Before you apply, read the Target Market Determination, opens in a new window (TMD) and Product Disclosure Statement, opens in a new window (PDS).
Questions? Speak to our retirement experts on 1300 192 602.
Fees and costs
If you have a Retirement Transition account, the fees and costs are:
- An account-keeping fee of $52 per year
- An administration fee of 0.23% of your account balance each year, up to a maximum of $125 per month ($1,500 per year).
Plus administration costs paid from reserves that are not otherwise charged as administration fees of 0.01% per annum.^ These costs are not directly charged to your account but have reduced the reserve balance held by the fund to cover future administration costs.
Forms and documents
For all the product information and details regarding a Retirement Transition account, please read the following documents:
- Retiring with Aware Super fact sheet (PDF, 560kB), opens in a new window
- Product Disclosure Statement (PDS), opens in a new window- the PDS provides more detailed information about our Retirement Transition product.
- Target Market Determination (TMD), opens in a new window- the TMD describes who the product is suitable for. You can use this information to help decide whether this product is right for you
