04 February, 2025

CareSuper’s retirement bonus – An overview for advisers

A retirement bonus may be available when your clients convert their CareSuper accounts from accumulation to retirement. Conditions apply.
couple embrace

Our retirement bonus rate is currently 0.30%

Our current retirement bonus rate is 0.30% of the amount transferred from their accumulation account to their Managed or Flexible Income account , subject to eligibility rules.

 

Is there a cap on the bonus? 

Currently, there's no cap on the bonus amount paid up to the $1.9 million transfer balance cap (2024-25). The rate may vary in the future.

 

Example: 

You transfer $300,000 from a CareSuper account to start a new Flexible Income account. Your retirement bonus will be 0.30% of $300,000 = $900. The total amount transferred to start your Flexible Income account will be $300,900.

 

Eligibility requirements

The money must be transferred from the member’s CareSuper accumulation account to start a Managed or Flexible Income account.  Members can only get the bonus once, and it won’t apply to any new accounts they open or top-ups in the future.
Members won’t receive a retirement bonus if they:

  • open a Transition to Retirement (TTR) Income account  
  • convert their TTR Income account to a Retirement Income account 
  • held a retirement account before 1 April 2021 
  • are the recipient of an income stream as a reversionary beneficiary 
  • receive a death benefit and commence a death benefit income stream or child income stream 

Direct Investment option (DIO) investments transferred from CareSuper super accounts into a Flexible Income account are not eligible for the retirement bonus.

 

Frequently asked questions

Members don’t need to apply for the retirement bonus, it’ll be calculated and paid to their account automatically.

The bonus is calculated and paid into the member's accumulation account before their retirement income account starts. This means it’s included in the amount they transfer to start their Retirement Income account.

Yes, provided they meet the eligibility requirements.

For more information, read our Retirement bonus fact sheet.

If you have questions, our Business Development Managers are available to help. They can also assist you to maximise our Retirement Income products to support your clients during their transition to retirement.


Disclaimer: 
All information, rates and/or fees are current at the time of production and are subject to change. Changes to government legislation and super rules made after this time may affect the accuracy of the information provided.