|
FIRSTSUPER offers both an Allocated Pension product and a Transition to Retirement Allocated Pension product.
ALLOCATED PENSION
An Allocated Pension is an investment that produces regular income
in your retirement. As a general rule, this product suits people who
want:
- a regular income in retirement or while working after reaching preservation age;
- access to their investment at any time;
- flexibility regarding how much income they receive;
- flexibility regarding how often they receive income payments; and
- a choice of investment options.
Allocated Pensions are tax-effective and can be favourable treated
for Social Security purposes compared to other products that provide an
income stream. If you turned 60 after 30 June 2007, no tax is payable on your income.
|
Full details of these products are set out in the Allocated Pension Product Disclosure Statement.
Before making any decisions about these products, you should read those details carefully.
Allocated Pension products have many facets and can appear very complex.
We strongly suggest you seek professional financial planning advice before proceeding. At FIRSTSUPER we can provide you with such advice. |
You can change the amount and frequency of payments at any time subject to Government minimum income requirements. Under certain circumstances, you can also "commute"your pension back from an income stream into a lump sum payment.
TRANSITON TO RETIREMENT ALLOCATED PENSION (TtR)
A TtR allows people under 65 years of age, but have reached their
preservation age, to have a non-commutable allocated pension while they
are still working. Most of the benefits of an Allocated Pension are
applicable but tighter restrictions apply to lump-sum withdrawals and
your annual income is limited to 10% of the account balance.
Under the right circumstances, a TtR holder can salary sacrifice
part of their working income because extra income is being generated by
the TtR Pension. This provides additional tax advantages as regards the
salary sacrificed income.
|
