Turning super into income

Yes. Flexible Income and Managed Income accounts both allow lump sum withdrawals at any time.

No. Once your super is moved into an income stream, you can’t add more to that account. Any new contributions are usually made to an accumulation account, which may later be used to start a new income account.

Yes, you can transfer your balance back to accumulation, subject to contribution rules and caps.

You may be able to contribute it to super, depending on your age, work status, and contribution caps. We recommend you getting advice and you can start with our Superannuation Advisers who can outline your options. This type of advice is included with your membership.  

 

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Yes, many members do this to keep contributing while drawing income.

Possibly. If your income is tax-free and you have no other taxable income, you may not need to. It’s best to check with a tax adviser on what to do in your situation.

Yes. Centrelink assesses both the balance and income from your income stream under the income and assets tests.

If your child is a non-dependent (e.g. adult child not financially dependent), tax may apply. We recommend seeking advice for estate planning to understand how tax on super works when paid out to non-dependants.  If your child is a dependant there is no tax payable on the payout.

If you’re over 60 and retired, income stream payments are tax-free. Lump sums may also be tax-free, depending on your age and the components of your super.

Typically 7–10 business days once all documents are received. If we need more information or the forms aren’t filled in correctly this could take more time but we’ll guide you through the process.  

If you have a Flexible Income account, you can choose to receive payments fortnightly, monthly, quarterly, or annually.

If you have a Managed Income account, payments are made fortnightly.

Your first payment will usually be made in the first regular pay cycle after your account is set up.

Yes. You can move your balance back to accumulation and resume contributions if eligible. Or you can start a new accumulation account where you can start contributing and still have your income steam account.  

Possibly, if you’ve met a condition of release. This includes turning 65 or permanently retiring after age 60.

You may need to provide a statutory declaration or supporting documentation.

Yes, we can help you model different drawdown strategies and investment mixes that will suit your risk-return profile. While we can’t guarantee how long your super will last as it can be impacted by market volatility we can help set it up in a way to help achieve your goals.

You can also choose Managed Income where we will set your income amount and select your investments aiming to make your payments last until age 90.

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Yes. Your balance remains invested and continues to grow tax-free in both Flexible and Managed Income accounts.

This means your balance can also decrease in times of market volatility.

Yes, you can switch options at any time in the Flexible Income product. If you are in Managed Income we will select your investments for you aiming to make your income last to age 90. 

Yes. Our Retirement Lifestyle calculator can give you an estimated income based on your balance and retirement goals.

 

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Yes, you can choose to move only part of your super into an income stream.

No. Super accounts are held individually, but you can coordinate strategies together.