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.

Age Pension income test change hits defined benefit pensions

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With so many recent changes affecting the Age Pension (such as deeming income from new super pensions, or for new Age Pensioners, from January 2015, and a stricter Age Pension assets test from January 2017), another significant change has gone largely unnoticed except for the thousands of retired … [Read more...]

Age Pension assets test: 300,000 retired Australians to lose some or all entitlements

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Note: The changes to the Age Pension assets test are now law, receiving royal assent on 30 June 2015, and outlined in this article. The successful passage through parliament was due to the Greens supporting the changes. The ALP opposed the changes, which were announced by the Australian Liberal … [Read more...]

Super for beginners, part 17: Four must-knows about super’s tax rules

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Q: I am trying to understand how my super is taxed and it seems that it is taxed at every turn. Can you please explain when, and how, a super benefit is taxed? A: If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower … [Read more...]

Super for beginners, part 8: What happens to my super benefits when I retire?

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Q: I have a superannuation fund accumulating (although I am no longer making super contributions). I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my bank account? What would the tax implications be for taking the … [Read more...]

What are the super and retirement rules for over-65s?

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Q: My wife (age 63) and myself (age 65) have a small business. I was told by an organisation that at 65 or over I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax. In fact I have been told to pay myself $30,000 or less and source the rest of my … [Read more...]

Tax-free super for over-60s, except for some

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If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article). Due to the large number of emails I receive on this topic, I’ll … [Read more...]

It’s your super, so why shouldn’t you be allowed access?

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by Helen Hodgson, Curtin University The latest Productivity Commission report, Superannuation for Post-Retirement, highlights two aspects of post-retirement income policy that have recently attracted considerable attention: the age at which people should be able to access their superannuation, … [Read more...]

Retirement: 3 ways of taking super benefits before the age of 60

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When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or income stream. Are you taking your super as a lump sum, a super pension (also known as a super income … [Read more...]

Retiring before the age of 60: the tax deal

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If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax. If you’re willing to wait until you turn 60 before you retire, you can … [Read more...]