55 plus can be an exciting time as you plan for life beyond work. It's also a time to make your super work hard for you, whether you plan to completely stop work, reduce your hours or keep working. Whatever you choose, First Super has an allocated pension option to suit your needs.

First Super’s allocated pension options include:

• A Transition to Retirement Allocated Pension, and
• An Allocated Pension

First Super Transition to Retirement Allocated Pension (TRP)

If you’re 55 or over and still working, a First Super Transition to Retirement Allocated Pension (TRP) could let you:

Reduce your working hours. If you cut back your working hours, you could make up for lost income by drawing on your super.

Increase your retirement savings. If you make salary sacrifice contributions to your First Super account and replace the income with payments from a First Super TRP, you could increase your retirement savings without losing income. 

Pay less tax. Used properly, a First Super TRP is a powerful tax-planning tool for wage and salary earners. And investment earnings are tax free! 

Take care of loved ones. A First Super TRP can let you set up an income stream to take care of loved ones after you've gone. 

First Super Allocated Pension

If you’re 55 or over and about to retire, a First Super Allocated Pension could let you:

Get a regular income in retirement. You can choose to receive payments fortnightly, monthly, quarterly, half-yearly or yearly.

Draw down lump sums. You can draw down lump sums or even the entire account value when it suits you (minimum payment $1,000).

Pay less tax. A First Super Allocated Pension has numerous tax advantages, including no tax on investment earnings!

Qualify for Social Security. You could be eligible for a higher social security benefit with a First Super Allocated Pension.

Take care of loved ones. A First Super Allocated Pension can let you set up an income stream to take care of dependants after you’re gone.

To set up a First Super Transition to Retirement Pension or Allocated Pension you need to invest at least $10,000 in  super.

Need more information?

• Download the First Super Allocated Pension Product Disclosure Statement (pdf | 3.6mb) 

If you’re not sure whether an allocated pension is a good idea for you, talk to a financial adviser. They’ll help you do the sums, weigh up the options and help you make the choice that’s best for you. Just call 1300 360 988 to speak to a First Super Financial Planner.