Super Strategies for retirement FAQs
Find answers to your super-related questions.
CareSuper Pension
The CareSuper Pension lets you turn your super into a regular income account while making the most of investment returns. You can control your income and investments without the stress of managing your money on your own. Once you reach 60, you pay no tax on the income you receive from your account.
Transition to retirement
Still working but want to start winding down your hours? You could use a transition to retirement (TTR) strategy to reduce your working hours and keep the same cash flow and lifestyle.
Guaranteed Income product
Our Guaranteed Income product offers the security of a fixed income, no matter how the market performs or what happens with inflation. You can choose guaranteed payments for a fixed period, for your lifetime or both you and your partner’s.
Yes, provided you qualify for the government age pension. 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.
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. 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.)
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.
Under the government’s downsizer contribution scheme scheme, if you’re eligible, you might be able to invest up to $300,000 ($600,000 for couples) from the proceeds of the sale of your main residence of at least 10 years to the tax-effective super. There isn't a requirement to purchase another home, a smaller home or even a cheaper home to utilise the scheme. So, if you're eligible to make a downsizer contribution, it can be a great way to release equity you've built up in your home and use it to fund your life when you finish working.
Everyone’s situation is different and deciding whether a downsizer contribution is right for you can be tricky, so we recommend seeking financial advice before putting up the for sale sign.
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).