Retirement isn’t just a date. It’s a financial transition, and having a steady income you can rely on is a big part of feeling confident about what’s ahead.

Why turn your super into income?

Your super isn’t just something you save. It’s a source of income that can support your lifestyle when you stop working. As you approach retirement age, you can start to explore options that turn your accumulated savings into a regular income stream. Similar to receiving a regular salary, it allows your money to stay invested and potentially grow. 

We offer three retirement income accounts so you can choose the option that best suits you.  Whether you’re still working, transitioning out of the workforce, or fully retired.

Retirement income options

Transition to Retirement (TTR) – ease into retirement

Ideal if you aren’t ready to fully retire, but want to reduce your hours or supplement your income by accessing some of your super.

Who it’s for: People aged 60-65 and still working.

How it works: You transfer at least $20,000 of your super into a new TTR Income account. You and your employer continue contributing to your super, and you draw regular payments of up to 10% of your TTR Income balance each year to top up your pay.

Why it helps: Lets you ease into retirement at your own pace – reducing work hours while maintaining your income.

Example: Sarah, 62, is still working three days a week but wants to start accessing her super to supplement her reduced income. She opens a TTR Income account and receives regular fortnightly payments while continuing to contribute to her super through her employer, helping her ease into retirement at her own pace.

Managed Income account – simple, steady, stress-free

Perfect for people who want a set-and-forget income strategy.

• Who it’s for: People aged 60-65 who have retired or stopped working, or anyone aged 65 and over (whether working or not).
• How it works: You transfer a minimum of $20,000 from your super into a Managed Income account. Our investment experts manage your money and calculate regular fortnightly payments designed to last until you’re around 90 years old, paying them straight into your bank account. 
• Why it helps: Enjoy the simplicity of a reliable income without making ongoing investment decisions. Your super stays invested and can continue earning returns, and you can still take extra amounts when you need to (although this may affect future payments).

Example: David, 67, wants a simple retirement income solution without the worry of managing his money. He transfers $150,000 from his super account into a Managed Income account and receives regular fortnightly payments designed to last until around age 90. When his car needs replacing, he takes out an extra lump sum as he retains flexible access to his funds. His regular payments are adjusted to reflect his lower balance following the lump sum withdrawal, still aiming to make the payment lasts to age 90.

Flexible Income account - you're in control

Ideal if you like to shape your income and investments.

• Who it’s for: People aged 60-65 who have retired or stopped working, or anyone aged 65 and over (whether working or not).
• How it works: You transfer a minimum of $20,000 from your super and choose how your money is invested from our full menu of investment options. You can decide how much income you want, and set up your payment frequency - weekly, fortnightly, monthly or even yearly. 
• Why it helps: Gives you the flexibility to adjust payments as your lifestyle changes, withdraw extra lump sums when you need (although this may affect how long your income lasts) and switch investments as your goals change. Your balance stays invested with potential for growth and you can update your payments anytime.

Example: Lisa, 64, has recently retired and wants flexibility with her retirement income. She opens a Flexible Income account with monthly payments to cover her regular expenses. When she plans a trip to Europe, she increases her payments for a few months and takes out an extra lump sum for airfares, then adjusts her payments back down when she returns.

Getting started

A great first step is thinking about your retirement income goals. We offer helpful tools and access to expert advice to explain how your options work and what might suit your situation.

Turning your super into income is about feeling confident and staying in control. With the right plan, your savings can support the retirement you want with flexibility as life changes.

Need more help?

Choosing a retirement income option is personal, and we’re here to help. Visit our Retirement Income page or speak with a super expert by calling 1800 005 166 to talk through your options and decide what could work best for your lifestyle.