You might be wondering...
What is an Account-Based Pension?
An Account-Based Pension is a simple, single account for those who have met a condition of release and will no longer be making contributions to their super. You can receive flexible payments (subject to age-based minimums) on a timeline that suits you, and make lump sum withdrawals at any time.
How much do I need to start a pension account?
A pension account needs an initial minimum investment of $20,000. This initial investment can be rolled over from your current super account, pension account or personal bank account. It’s important to remember that you can’t make further contributions once your pension account has been established.
At what age can I start a pension?
To open a pension account you will need to satisfy a condition of release.
To satisfy a condition of release, you will need to have:
- reached your preservation age and retired; OR
- left a job since reaching age 60; OR
- reached age 65 (even if you haven't retired); OR
- permanent incapacity
For more information about opening a pension, please read our Product Disclosure Statement.
Is there a minimum amount I need to withdraw each year from my pension?
How do I join Future Super’s pension fund?
How does a pension work?
A Future Super pension account allows you to draw a regular income from your retirement savings while investing them in line with your values.
You can choose to get monthly, quarterly, half-yearly or annual payments and you can usually choose how much you receive (within the mandated minimums outlined in the Pension Product Disclosure Statement).