Taking a super pension

When you retire and/or reach a certain age, you can access your super benefits as a lump sum or as a superannuation pension.

A superannuation pension is also known as an income stream.

You can purchase a pension from your existing superannuation fund or a related financial organisation, or from another super fund or organisation, or start a pension within a self-managed super fund (SMSF).

You may also be eligible to start a transition-to-retirement pension (TRIP) before you retire, provided you have reached your preservation age.

Set out below are all SuperGuide articles explaining Taking a super pension.

Super update: Catch-up concessional contributions from July 2018

Any Australian considering making super contributions from July 2017 needs to be mindful that the annual concessional (before-tax) contributions cap will be much lower than previous financial years. From 1 July 2017 (subject to legislation), the annual concessional contributions cap will drop to … [Read more...]

Superannuation death benefits and the $1.6 million transfer balance cap

We have received many questions from readers about how the new $1.6 million transfer balance cap will operate when a fund member dies, especially if the fund member has arranged for his or her spouse to receive a superannuation death benefit pension, including a reversionary pension. This article … [Read more...]

2016 Federal Budget update: Superannuation changes likely to become law

SUPER ALERT! On 15 September 2016, the federal government announced significant adjustments to proposed new superannuation policies. The change of heart on some super policies was in response to the Treasurer consulting with Liberal MPs, and interest groups (and presumably also in response to the … [Read more...]

Super contributions: Over-50s concessional cap (10 Q&As)

In this article, you can find the answers to 10 popular questions received by readers on the concessional (before-tax) contributions cap for over-50s. For information on the proposed cut to the concessional contributions cap from July 2017, see SuperGuide article Concessional contributions caps to … [Read more...]

Burden for retirees: Monitoring $1.6 million transfer balance cap

Note: Moving towards July 2017, most retirees will need to monitor two lifetime superannuation amounts – their transfer balance cap, and their transfer balance account. The proposed policy will apply to both existing and new super pension accounts from 1 July 2017, which effectively means the policy … [Read more...]

SMSF pension payments: A little bit under may be OK

SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control.Before … [Read more...]

SMSF pension: How do I start one?

Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60, and retired) and transition-to-retirement pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been a … [Read more...]

Retirement and tax: What are the minimum pension payment rules?

Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me?A: Your question is … [Read more...]

Minimum pension payment: At what date do you determine the age for payment calculation?

Q: I am drawing on an account-based pension from my SMSF. I turn 65 in June 2017. Will I need to draw a minimum of 4% or 5% for the 2016/2017 year, and does the minimum pension factors change for the 2017/2018 year? Or, in other words, what is the determining age, the one at the start of the … [Read more...]

SMSF pension: What happens if I don’t withdraw the annual minimum pension payment?

Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $11,000. I only withdrew $6000 and I can catch up this year. Is this a reportable breach to the Tax Office?For the benefit of other SuperGuide readers, I’ll first explain the background to your … [Read more...]

TRIPs: 10 interesting facts about transition-to-retirement pensions

SUPER ALERT! On 3 May 2016 (in the 2016 Federal Budget), the Coalition government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). This change, confirmed after the Coalition won the July 2016 … [Read more...]

Minimum pension payments for 2016/2017 year

Note: This article explains the superannuation minimum pension payment factors for the 2016/2017 year. The article also lists the minimum pension factors for the 2015/2016, 2014/2015, 2013/2014, 2012/2013, 2011/2012 and 2010/2011 years. Alternatively, if you are looking for the latest Age Pension … [Read more...]