Q: I have two super funds and being in my 60s and retired believe I’m eligible to change from accumulation to pension. If I do this, does this need to happen for both funds, or can I choose to have one fund with one account in pension/drawdown mode and have the second fund with one account remaining in accumulation mode? I’m well below the transfer balance cap. Thank you for your help and of course, the wonderful information offered to readers.
A: In most cases, you can choose how much of your current accumulation money, so how much of your super savings, that you then use to start a pension. You don’t have to use all your money. You can use a portion of it and leave some of your money in accumulation phase. If you had a million dollars, you could start a pension with half of it or all of it. It’s totally up to you. Of course, you can only start a pension with the amounts that are allowed under that transfer balance cap. You don’t need to start a pension with all your super. You can use part of it.
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