Retirement FAQs

Find answers to your retirement-related questions. 

Why should I take out a CareSuper Pension?

The benefits of a CareSuper Pension include:

  • A regular income, whether you’re permanently retired or still working after preservation age
  • Tax-free investment earnings (when you reach retirement phase), meaning you could pay less tax on any earnings from term deposits and/or securities held through the Direct Investment option than you would if you held the investments directly
  • The flexibility to select the amount of payments you’d like to receive (within legislated limits)
  • The ability to capitalise on investment earnings by choosing from a wide range of investment options based on your needs and investment timeframe
  • The ability to make online withdrawals up to $10,000 for unexpected costs that are deposited straight into your bank account

For information about the benefits of the Guaranteed Income product, go here.

How long will my pension last?

Your pension will be paid until the earlier of the following:

  • Your pension account balance reaching zero, or
  • Your death, at which point any remaining benefit will be paid to your beneficiaries.
How do I go about planning for my retirement?

Our Retirement Guide can help you understand the steps you need to take to start planning for your retirement. You can:

  • Review your current situation
  • Explore strategies to increase your savings
  • Understand the government assistance options available to you, and
  • Use a range of tools and resources.

You can also enter your current super balance to the Retirement income calculator and receive a projection of the estimated annual retirement income you could receive once you stop working. Try it now to see what you might be able to achieve using a few basic strategies.

For professional advice options, see the next question.

Who can I talk to about my retirement options?

Are you a CareSuper member? Then you have access to financial advice from our team of dedicated financial planners.*

You can obtain advice in the way that suits you best, whether that’s over the phone^ at no extra cost (for a range of super-related topics), in one of our offices, or via a web-based meeting.

For more comprehensive advice, your first consultation is at no extra cost and obligation free, and any fees going forward will be clearly explained.

Go to our advice page to find out more about booking an appointment with a planner.

* 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.

^ 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.

What happens if I die before my pension account runs out?

When you start your pension you will have the option of nominating your spouse or eligible dependant as a ‘reversionary beneficiary’. This means that if you die the balance left in your account will be paid to your reversionary beneficiary.   

Alternatively, you can nominate a binding or preferred non-binding beneficiary or legal personal representative. For more information see the CareSuper Pension Guide.

What are ‘unrestricted non-preserved’, ‘preserved’ and ‘restricted non-preserved’ benefits?

The money you have in your superannuation account is classified according to how and when your contributions were made. These classifications determine when and how you can access your money.

  • Unrestricted non-preserved benefits are ‘unlocked’, meaning your money can be accessed by you at any time upon request. Generally, your super benefit will become unrestricted non-preserved when you satisfy a condition of release (as outlined in the Pension Guide).
  • Preserved money is any contribution paid into a super fund (including the investment earnings you receive) since 30 June 1999. Generally, you cannot access your preserved money unless you have reached your preservation age, ceased gainful employment, or met a condition of release as outlined in the Pension Guide.
  • Restricted non-preserved benefits are typically tied to employment-related contributions made before 1 July 1999. Generally, if the member stops working for the employer who has contributed to the fund, they may be able to access these benefits.
What is my preservation age?
Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
After 30 June 1964 60
Can I receive a CareSuper pension and the government age pension?

Yes, provided you qualify. If you’re eligible for all or part of the government age pension, then combining it with a CareSuper pension can work well. You can use the age pension to meet basic living costs and spending money can come from your CareSuper pension.

Eligibility for the government age pension depends on your age, residency status, and the income and assets tests. How much you receive is subject to the income you obtain from other sources (including your superannuation) and the value of your assets.

What are the temporary changes to minimum pension payments?

The Federal Government has temporarily reduced minimum payment limits for account-based pensions and similar products by 50% for 2020/21 and 2021/22.

This change was made in response to significant market volatility due to the COVID-19 pandemic. If you prefer to maintain your capital, you may want to take advantage of the new temporary rates to draw less from your pension account.

This change is in effect now. 

What’s my new minimum income limit?

We’ve shown the temporary minimum income limits in the table below

  % of account balance
Age New rate Previous rate
Under 65 2% 4%
65 to 74 2.5% 5%
75 to 79 3% 6%
80 to 84 3.5% 7%
85 to 89 4.5% 9%
90 to 94 5.5% 11%
95 and over 7% 14%
Will CareSuper be sending me a PAYG payment summary for my tax return?

That depends.

  • If you were under 60 during the financial year, your pension payments are assessable for tax, which will be deducted from your account if needed. We’ll send you a PAYG payment summary in the first two weeks of July so you can include this information in your tax return.


  • If you’re 60 or over, payments from your pension are no longer assessed for tax. You don’t need to declare pension income in this year’s tax return, and you won’t receive a PAYG payment summary statement for your pension payments.
CareSuper Pension
Am I eligible to apply?

Almost anybody can start a CareSuper Pension, provided they have immediate access to their superannuation benefits in the form of unrestricted non-preserved money of at least $10,000.

For information about opening a Guaranteed Income account, go here.

What goes into my pension account?
  • An initial transferred amount of $10,000 or more of eligible funds
  • Investment returns
What comes out of my pension account?
  • Regular pension payments (once started), less any applicable tax
  • Fees and administration costs
  • Any applicable Government taxes or penalties
How are pension payments paid?

Pension payments are made directly into your nominated bank, building society or credit union account. Your nominated account must be held either in your name, or, if the nominated account is held jointly, you must be one of the account holders.

(Note that pension payments cannot be drawn from the Direct Investment option.)  

How much can I withdraw from my account?

You can make a partial withdrawal (over and above your pension payments) or full withdrawal at any time by completing and returning the Pension withdrawal form. Call us on 1300 360 149 if you'd like us to send you a copy of this form.

You can also make withdrawals online using MemberOnline. Note that a minimum of $1000 and a maximum of $10,000 apply to online withdrawals. One withdrawal is allowed per day, and it takes up to 3 working days to process your online withdrawal request (subject to special processing rules applicable to investments via the Direct Investment option).

Can I make contributions to my pension account?

No. Once you have opened a pension account you cannot make any additional contributions to this account. However, you can close your existing account and open a new account, combining any additional contributions with your existing balance.

(Note that Government changes to deeming rules could affect you if you choose to close your current account and open a new one. To find out whether your entitlements – including the age pension – could be reduced, we recommend speaking to an expert first. You can find help on our advice page.)

Transition to Retirement (TTR) Pension
What is a Transition to Retirement Pension?

With CareSuper’s Transition to Retirement Pension you can receive a regular income from your super while continuing to work and build your retirement savings. The benefits of a transition to retirement strategy include:

  • The option to reduce your working hours while maintaining your cash flow
  • Building your super while drawing an income, and
  • Automatic transition to a full CareSuper Pension when you turn 65 – you don’t need to complete any additional paperwork.
Which TTR strategy suits me the best?

For a more personalised look at your situation, we recommend speaking to a financial planner. CareSuper members have access to basic over-the-phone advice at no extra cost*, as well as full advice on a fee-for-service basis.

CareSuper also holds free retirement planning seminars throughout Australia each year to help educate members on a range of financial matters.

* 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.

How do I move from a TTR Pension to a CareSuper Pension?

When you reach age 65 your Transition to Retirement Pension will convert to a standard CareSuper Pension account (unless you advise us that a condition of release has been met prior to this).

Can I make a lump sum withdrawal from my TTR Pension?

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.

When are payments from a TTR Pension made?

You can choose to be paid twice-monthly, monthly, quarterly, half-yearly or yearly.

Answering your questions

If you have a super, retirement or pension related question you can contact us on 1300 360 149, Monday to Friday 8am-8pm AET or send us a message and we’ll be in touch.