Keep working and access your deferred benefit

A transition to retirement account pays you an income from your super savings while you continue to work. This means you can ease into retirement on your terms. Once you have access to your deferred benefit you can roll over your money to another superannuation fund and start a transition to retirement account.

Rolling your deferred benefit to another superfund

To use your SASS deferred benefit to start a transition to retirement income account you will need to roll your benefit to another super fund (such as an Aware Super Transition to Retirement Income Stream account).

There are benefits of rolling your SASS benefit over to another super fund and having your super all in one place:

• You could save on fees - having more than one super account means you could be paying multiple fees.
• Less paperwork - keep track of your super more with just one account.
• More for you - a bigger balance invested now, could mean more for you when you retire.

Find out more about consolidating your super.

Benefits of a transition to retirement income account

When you have both a transition to retirement account and a regular super account they can work together in a tax-effective way.

• Work less but maintain your income. Topping up your salary with super gives you flexibility – you can work less, but not live on less.
• Combined with making additional contributions to super such as salary sacrifice or a personal deductible contribution, a transition to retirement income account is a smart way to put your money to work and save on tax.
• When you salary sacrifice to super you only pay 15% tax, which could be less than your marginal tax rate.²
• Choose when you get paid. Your income payments can be paid fortnightly, monthly, quarterly, half-yearly or yearly. It’s up to you.
• Your super stays invested. The investment returns you earn by keeping your money invested can help you enjoy a higher income in retirement.
• Turns into tax-free income. Once you turn 60 your income payments from your super become tax-free.
• When you reach 65, your transition to retirement account will automatically convert into a retirement income stream account (also known as an 'account-based pension'). This account has tax-free income payments and investment returns.

^{2 Some of your contributions are taxed at a higher rate if the total of your earnings and super contributions is $250,000 or more.}

^{1 Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.}

Things to consider

• Income payments from this account are subject to annual minimum and maximum amounts.
• The minimum you can draw is 4%^{^} of your account balance each year and you can’t withdraw more than 10% per year.
• Investment earnings are concessionally taxed at a maximum of 15%.
• If you are 60 or older, income payments are tax free.
• Between your preservation age and age 59, the taxable portion of your income payments are taxed at your marginal tax rate. But you receive a 15% tax offset in your tax return.
• Because you’re withdrawing some of your super, consider how long you’ll need it to last.
• Once you reach 65, your Aware Super Transition to Retirement account automatically converts to an account-based pension. At Aware Super this is a Retirement Income Stream account.
• You can open an Aware Super Transition to Retirement account with a minimum of $20,000.

^{^ 2% per year for 2022/2023.}

Why choose Aware Super

We're an industry fund with strong, long-term performance* so you’ll be joining over 1.1 million^† Australians who invest their super with us.

Find out more

^*SuperRatings Fund Crediting Rate Survey 31 December 2022 (SR 50 Growth (77-90) Index approximately 50 options). Aware Super Accumulation High Growth option delivered an average yearly return over 10 years to 31 December 2022 of 9.52% p.a. compared to the index median of 8.73% 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 an indicator of future performance.

^† Source: Chant West Super Fund Fee Survey 30 September 2022, High Growth [81-100% in growth assets] investment option index and $50,000 account balance. Total fee includes combined administration, investment fees and costs. Aware Super MySuper – High Growth option total fee is 1.08% p.a compared to 1.33% p.a. (overall average – approximately 88 funds) and 1.44% p.a. (Retail fund average – approximately 18 funds). Fees and comparisons may differ for other investment options and account balances.

Related information

• Set up your retirement with confidence

Related documents

• Retiring with Aware Super fact sheet (PDF, 560kB)
• Product Disclosure Statement (PDF, 2.7MB)
• Target Market Determination (PDF, 148kB)