Exploring transition to retirement strategies FAQs
Find answers to your super-related questions.
Your payments must total between 4% and 10% of your total account balance (depending on your age) each year – these are set government limits but until 30 June 2023 you may withdraw as little as 2%. This figure was reduced to provide greater flexibility during the COVID-19 pandemic.
You can choose to be paid twice monthly, monthly, quarterly, half-yearly or yearly. The money goes straight into your bank account, and you can change the frequency any time you like.
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.
There are rules around who can receive your benefit, which means your choice of beneficiary is important.
A non-binding beneficiary is set-up when you nominate who you’d prefer your account to be paid to, however this is not legally binding and although we’ll consider who you choose ultimately, we’re legally responsible and will need to consider relevant laws when making a decision.
You can make a non-binding nomination quickly and easily through MemberOnline or by calling us on 1300 360 149.
A binding beneficiary is established when you provide formal legal written direction to CareSuper to tell us who you want your account balance paid to. As long as it's valid at the time of your death, your super fund has to do exactly what it says.
There’s a bit more paperwork involved here as you’ll need to complete the Binding beneficiary nomination form and have it witnessed.
No matter which nomination you choose, you should keep it up to date when your circumstances change. In both cases if you nominate your dependants they must still be your dependants at the date of death. Your nomination will also be invalid if anyone you nominate dies before you.
If you’re younger than 60
If you’re under 60, you must have reached your preservation age to access your superannuation under “retirement”. As long as your intention at the time was to retire, then generally speaking, you can return to work after you have retired.
If you’re over 60 but not yet 65
Once you turn 60 you can retire without having to declare your future work intentions and start withdrawing your super as a pension or a lump sum. You simply notify your fund that you’re retiring. If you have more than one job, you only need to stop working at one of them to satisfy a condition of release.
You can then return to work whenever you like and continue to access your super.
If you’re 65 or older
From age 65 you can access your super whether you’re retired or not, without having to satisfy any special conditions of release. This means you can continue working full or part-time or retire and return to work whenever you want.
Having insurance in place may still remain as relevant for a 60-year-old as it is for a 30- or 40-year-old. By maintaining insurance through the various stages of life – from young family to middle age and on to retirement, you will always have the peace of mind that you are providing for your family as best you can.
Not sure what insurance is right for you? As part of your membership, you have access to financial advice* over the phone. To speak with a planner, simply book a call-back today.
*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.
No, the benefits of a TTR pension strategy provide you with:
- The option to reduce your working hours while maintaining your cash flow and lifestyle
- Build your super while drawing an income, if you are in part-time or casual employment, and
- Automatic transition to a full CareSuper Pension when you turn 65 – you don’t need to complete any additional paperwork (unless you retire before age 65 or meet another condition of release).
Generally, you’re able to access your superannuation benefit if you satisfy a specific requirement, including:
- You reach your preservation age and retire
- You turn 65, or
- Other early release criteria set by the Government.
To access your super, contact us on 1300 360 149 and request a Claim your super form. For more information read the Accessing your super IBR.
In some instances, you may be able to access your super early in the case of:
- Terminal illness
- Permanent incapacity
- Severe financial hardship
- Compassionate grounds
- An account balance of $200 or less, or
- Permanent departure from Australia.
Note that all early release access is subject to specific application requirements and approval by the Trustee. To find out if you are eligible for early release, call us on 1300 360 149.
Trying to understand super and the various changes can feel overwhelming at first. But your super might well be the biggest savings balance you’ll ever have. Whether you’re making extra contributions or not, invested in our Balanced (MySuper) default option or one you’ve chosen, it’s important to keep a regular eye on your super.
It’s a good idea to review your super as you get older and if you experience a significant life change such as getting married, having a child, or buying a home. This will ensure you are in the right investment option for your stage of life and have the right level of insurance cover to meet your needs.
With MemberOnline you have access to view your balance, insurance, investments, annual statements and account activity whenever you need it.
By answering a few simple question, our Retirement income calculator can determine how your super is tracking and what you can do to create the lifestyle you want.
Remember we’re here to help you when you need it, with financial advice* available to you over the phone as part of your membership. To speak with a planner, simply book a call-back today.
*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.
It's never too soon to start planning for life after work. The amount of super you'll need when you retire will depend on:
- your big costs in retirement (paying off your mortgage/rent, food, medical costs) and
- the lifestyle you want (travel, entertainment, eating out)
To help estimate the superannuation balance you will require, the ASFA Retirement Standard provides a comprehensive breakdown of expenses for a comfortable and modest lifestyle, for couples and singles to maintain a healthy, vital and connected lifestyle in retirement.
By answering a few simple question, our Retirement income calculator can determine how your super is tracking and what you can do to create the lifestyle you want.
Keep in mind you have access to financial advice* over the phone as part of your membership. To speak with a planner, simply book a call-back today.
*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.
To help you achieve your financial goals we have a range of financial advice options for you to choose from at any stage of your life. Our financial advice model aligns with our profit for members philosophy, meaning our planners receive no incentives to sell you advice.
Advice over the phone*
As a CareSuper member you have access to financial advice over the phone as part of your membership.
Comprehensive advice^
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.
Complex advice#
In some circumstances, such as when you need holistic advice or you’re dealing with intricate financial arrangements, your comprehensive planner can recommend complex advice.
Learn more or book a call-back today.
*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.
#If you require more complex personal financial advice, our financial planners, in the course of their initial appointment with you, may refer you to an external advice service provided by Australian Unity Personal Financial Services Limited (ABN 26 098 725 145, AFSL 234459).