Retirement FAQs

The benefits of a CareSuper Pension include:

• A regular income, whether you’re permanently retired or still working after preservation age
• Tax-free investment earnings (when you reach retirement phase), meaning you could pay less tax on any earnings from term deposits and/or securities held through the Direct Investment option than you would if you held the investments directly
• The flexibility to select the amount of payments you’d like to receive (within legislated limits)
• The ability to capitalise on investment earnings by choosing from a wide range of investment options based on your needs and investment timeframe
• The ability to make online withdrawals up to $10,000 for unexpected costs that are deposited straight into your bank account

For information about the benefits of the Guaranteed Income product, go here.

Your pension will be paid until the earlier of the following:

• Your pension account balance reaching zero, or
• Your death, at which point any remaining benefit will be paid to your beneficiaries.

Our Retirement Guide can help you understand the steps you need to take to start planning for your retirement. You can:

• Review your current situation
• Explore strategies to increase your savings
• Understand the government assistance options available to you, and
• Use a range of tools and resources.

You can also enter your current super balance to the Retirement income calculator and receive a projection of the estimated annual retirement income you could receive once you stop working. Try it now to see what you might be able to achieve using a few basic strategies.

For professional advice options, see the next question.

CareSuper members have access to super-related advice over the phone as part of their membership.* 

If your concerns are broader than super or your financial situation is more complex, you may benefit from meeting with a planner for comprehensive advice. Your first consultation will be at no-extra-cost and obligation free, and any fees going forward will be clearly explained.

Go to our Advice page to find out more information or book a call-back from a planner.

* Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

^ Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.

When you start your pension you will have the option of nominating your spouse or eligible dependant as a ‘reversionary beneficiary’. This means that if you die the balance left in your account will be paid to your reversionary beneficiary.   

Alternatively, you can nominate a binding or preferred non-binding beneficiary or legal personal representative. For more information see the CareSuper Pension Guide.

The money you have in your superannuation account is classified according to how and when your contributions were made. These classifications determine when and how you can access your money.

• Unrestricted non-preserved benefits are ‘unlocked’, meaning your money can be accessed by you at any time upon request. Generally, your super benefit will become unrestricted non-preserved when you satisfy a condition of release (as outlined in the Pension Guide).
• Preserved money is any contribution paid into a super fund (including the investment earnings you receive) since 30 June 1999. Generally, you cannot access your preserved money unless you have reached your preservation age, ceased gainful employment, or met a condition of release as outlined in the Pension Guide.
• Restricted non-preserved benefits are typically tied to employment-related contributions made before 1 July 1999. Generally, if the member stops working for the employer who has contributed to the fund, they may be able to access these benefits.

Yes, provided you qualify. If you’re eligible for all or part of the government age pension, then combining it with a CareSuper pension can work well. You can use the age pension to meet basic living costs and spending money can come from your CareSuper pension.

Eligibility for the government age pension depends on your age, residency status, and the income and assets tests. How much you receive is subject to the income you obtain from other sources (including your superannuation) and the value of your assets.

The government has now removed the temporary reduction in income limits that was put in place during covid. 

We’ve shown the current income limits in the table below.

That depends.

• If you were under 60 during the financial year, your pension payments are assessable for tax, which will be deducted from your account if needed. We’ll send you a PAYG payment summary in the first two weeks of July so you can include this information in your tax return.

• If you’re 60 or over, payments from your pension are no longer assessed for tax. You don’t need to declare pension income in this year’s tax return, and you won’t receive a PAYG payment summary statement for your pension payments.

Almost anybody can start a CareSuper Pension, provided they have immediate access to their superannuation benefits in the form of unrestricted non-preserved money of at least $10,000.

For information about opening a Guaranteed Income account, go here.

• An initial transferred amount of $10,000 or more of eligible funds
• Investment returns

• Regular pension payments (once started), less any applicable tax
• Fees and administration costs
• Any applicable Government taxes or penalties

Pension payments are made directly into your nominated bank, building society or credit union account. Your nominated account must be held either in your name, or, if the nominated account is held jointly, you must be one of the account holders.

(Note that pension payments cannot be drawn from the Direct Investment option.)  

You can make a partial withdrawal (over and above your pension payments) or full withdrawal at any time by completing and returning the Pension withdrawal form. Call us on 1300 360 149if you'd like us to send you a copy of this form.

You can also make withdrawals online using MemberOnline. Note that a minimum of $1000 and a maximum of $10,000 apply to online withdrawals. One withdrawal is allowed per day, and it takes up to 3 working days to process your online withdrawal request (subject to special processing rules applicable to investments via the Direct Investment option).

No. Once you have opened a pension account you cannot make any additional contributions to this account. However, you can close your existing account and open a new account, combining any additional contributions with your existing balance.

(Note that Government changes to deeming rules could affect you if you choose to close your current account and open a new one. To find out whether your entitlements – including the age pension – could be reduced, we recommend speaking to an expert first. You can find help on our advice page.)

Centrelink needs to know some details about your CareSuper Pension in order to calculate payments such as the age pension. CareSuper communicates this information directly to Centrelink electronically every February and August. You can request a Centrelink schedule from CareSuper at any time.

With CareSuper’s Transition to Retirement Pension you can receive a regular income from your super while continuing to work and build your retirement savings. The benefits of a transition to retirement strategy include:

• The option to reduce your working hours while maintaining your cash flow
• Building your super while drawing an income, and
• Automatic transition to a full CareSuper Pension when you turn 65 – you don’t need to complete any additional paperwork.

For a more personalised look at your situation, we recommend speaking to a financial planner. CareSuper members have access to basic over-the-phone advice at no extra cost*, as well as full advice on a fee-for-service basis.

CareSuper also holds free retirement planning seminars throughout Australia each year to help educate members on a range of financial matters.

* Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

When you reach age 65 your Transition to Retirement Pension will convert to a standard CareSuper Pension account (unless you advise us that a condition of release has been met prior to this).

The TTR Pension account is non-commutable, meaning that generally government legislation does not allow you to withdraw lump sums. For exceptions, read the Pension Guide.

You can choose to be paid twice-monthly, monthly, quarterly, half-yearly or yearly.