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A Retirement Transition account can pay you an income from your super savings.

It gives you the freedom to continue to work so you can ease into retirement on your terms.

  • This account can give you options as you approach retirement.
  • You can reduce your working hours and top up your take home from your super.
  • You can continue to add to your super while you are still working, including by salary sacrificing.
  • You can supplement your salary with the Retirement Transition income payments.
  • Your super stays invested so it can keep growing.

Why you might consider this account

  • A Retirement Transition account is sometimes also known as a Transition to Retirement or TTR account.
  • It’s for people close to retirement who may want to:
    • reduce their working hours without reducing their take home pay, or
    • top up their super savings, while still working without reducing their take home pay.
  • To open an account you’ll need to have reached the age the government allows you to withdraw super. You can withdraw a maximum of 10% of your account balance each year. 
  • Using a Retirement Transition account could help reduce your tax bill.
  • Payments are tax-free from age 60, before this, a tax offset applies. 
  • When you turn 65 your account will automatically convert into a Retirement Income account. This means tax-free income payments and investment returns (subject to a balance cap) and no withdrawal restrictions.

Investment performance

It’s normal for your balance to go up and down depending on how your investments perform. 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.

Benefits of having a Retirement Transition account

There are many benefits to opening a Retirement Transition account before you’re ready to completely retire. 

  • Top up your income when you’re working less hours.  You can work less, but not live on less.
  • Save on tax. When you salary sacrifice into super, you only pay 15% tax, which could be less than your marginal tax rate.
  • Choose when you get paid. Your income payments can be paid fortnightly, monthly, quarterly, half-yearly or yearly. It’s up to you.
  • Grow your super while you’re drawing from it. Continue to contribute to your super account, while drawing income from your Retirement Transition account. The investment returns you earn can give you more money in retirement. 
  • Turns into tax-free income. Once you turn 60 your income payments from your super become tax-free
  • Investment options to suit your goals.  Our 15 options give you a broad choice of investments. You can:
    • select a single option, or 
    • a mix of options, from one of our nine diversified options or six single asset class options.

You get more with Aware Super

We deliver strong, long-term performance

Our strong long-term returns1 mean you can retire with more money in your super balance. You can view investment returns here.

Our competitive fees can 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 also 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. Expert super advice on your Aware Super account, including transition to retirement 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 account anytime, anywhere.

Source: SuperRatings Fund Crediting Rate Survey 31 December 2022 SR25 Conservative Balanced (41-59) Index - approximately 25 Funds. Aware Super Conservative Balanced option (previously known as the Balanced Growth option) delivered an average yearly return over 10 years to 31 December 2022 of 6.36% p.a compared to the index median of 6.08% 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 an 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.

Ready to open a Retirement Transition account?

Online application coming soon

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.

Product details and fees

There are a few rules around who can open this type of account. 

A Retirement Transition account can be a good option for you if you:

  • are close to retirement
  • have not yet have retired from work
  • have reached the age set by the Government where you can start drawing from your super.
  • want to work less but top up your pay to help maintain your lifestyle by drawing on some of your super
  • want to continue to work and boost your super balance leading up to retirement, without affecting your take-home pay.

You can get regular income payments into your nominated bank account. Think of it as a top up to your regular pay. 

There are a few rules around setting up a Retirement Transition account:

  • You’ll need to deposit a minimum of $20,000 into your account.
  • You must withdraw a minimum amount from your account balance each year1.
  • You can’t withdraw more than 10%1 of your account balance each year.
  • You can’t make lump sum withdrawals unless you meet certain conditions. 
  • If you are 60 or older, income payments are tax-free. 
  • If you are aged from 55 to 59 your income payments are subject to tax, but a 15% tax offset applies.
  • When you turn 65, this account automatically converts to an Aware Super Retirement Income account.

1. These are Government set annual minimum and maximum withdrawal rates.

To open a Retirement Transition account you must also have a super accumulation account.

Once your Retirement Transition account is open, you can’t add more money to it.  If you would like to add money from more than one super account, you'll first need to combine it in an Aware Super Future Saver account, and then transfer one payment into your new Retirement Transition account. You can put money into your Retirement Transition 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).

You’ll have two accounts: 

  1. your super accumulation account. This account will continue to receive your employer and other contributions. It will also continue to give you access to your insurance. Your retirement account doesn’t offer insurance, and 
  2. your Retirement Transition account. This account will give you regular income payments. 

There can be tax benefits when you open a Retirement Transition account.  You can combine the income payments with salary sacrifice contributions into super.  This can reduce your taxable income.

To find out whether this is an option for you, you should speak to a financial adviser.

How much you get paid

How much and how often you get paid is up to you.2 You can choose to be paid fortnightly, monthly, quarterly, half-yearly or yearly. You can make changes to your payments at any time.

2. Subject to the Government annual minimum and maximum withdrawal rates.

How much you can withdraw

  • The minimum annual payment is 2% of your account balance at 1 July.  This is for the 2022/23 financial year. The default minimum will return to 4% from 1 July 2023. This is subject to government legislation.
  • The maximum annual income payment is 10% of your account balance at 1 July each year. 



As one of Australia’s largest super funds, we use our size and scale 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

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 58, you can open a Retirement Income account. 

Find out more about a Retirement Income account

Investment returns could make up 30% of your super balance at retirement. 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 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 re 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. 

Combine your super accounts
Salary Sacrifice your Super