Empower your clients' most confident retirement with CareSuper’s Retirement Income products
Transition to Retirement (TTR) Income
As you would expect from a TTR Income account, members can draw down their super while still working and receive tax-free income payments.
How it works:
1. Transfer at least $20,0000 from the member’s accumulation account into a TTR Income account.
2. Members receive regular tax-free income payments (4-10% of their TTR Income account balance annually) into their bank account, with flexible payment frequencies.
Eligibility:
- Minimum initial investment of $20,000
- Aged between 60 and 65
- Still working
- Australian citizen or permanent resident (unless an exception applies)
Considerations:
- Members can’t add extra to their TTR Income account once it’s opened. You may consider combining any super accounts from other funds first. Refer to page 44 of the Transition to Retirement PDS for more information about combining super before opening a TTR Income account.
- Keep at least $6,000 in the member’s accumulation account to keep it open.
- If your client is age 65 or older, or age 60 to 65 and permanently retired, they may be interested in our Retirement Income account.
Retirement Income accounts
Both our Flexible and Managed Income products provide access to regular and tax-free payments as well as the option to withdraw extra money as required.
Compare our Flexible and Managed Income products
| Flexible Income | Managed Income | |
| What is it? | Account-based pension with member selected investments. | Account-based pension managed by CareSuper’s investments team. |
| Income amount | Member chooses, subject to minimums. | Initial income amount is set based on the member’s age and balance at account opening and is generally indexed to CPI annually with the aim to provide stable income until age 90.1 |
| Payment frequency | Fortnightly, monthly, quarterly, twice-yearly or yearly. | Fortnightly |
| Withdrawals permitted | Yes | Yes |
| Investment strategy | Member chooses between our Pre-mixed, Asset class and Direct Investment option (DIO). | CareSuper’s investments team sets the investment strategy. A bucket strategy is used to balance risk and returns over time. |
Eligibility:
- Minimum initial investment of $20,000
- Aged 65 or older (even if still working)
- Aged 60 to 65 and have permanently retired (they don’t intend to work again for 10 hours or more a week)
- Stopped working for an employer after turning 60 (even if they’re still working for another employer)
- An Australian citizen or permanent resident (unless an exception applies)
- A member may be able to start a Retirement Income account if they’re permanently incapacitated or terminally ill (Flexible Income only)
For more information and to open a Retirement Income account for a CareSuper member, please see our Retirement Income PDS.
CareSuper’s Retirement Bonus
A Retirement Bonus may be available when converting a CareSuper accumulation account to a Managed or Flexible income account, subject to eligibility rules.
Our current retirement bonus rate is 0.30%.
Learn more about our Retirement Bonus in this article.
Here to support you
If you have questions, our Business Development Managers are available to help. They can assist you with maximising our Retirement Income products to support your clients into and through retirement.
Important information
All information, rates and/or fees are current at the time of production and are subject to change. Changes to government legislation and superannuation rules made after this time may affect the accuracy of the information provided.
1There’s a risk that the income from your client’s Managed Income account could run out before age 90. However, we manage their investments and income payments to reduce this risk.