Retirement Income account
A First Super Retirement Income account allows you to earn money from investment returns while giving you a regular income. It’s also an award-winning product that we’re really proud to offer our members.
What is a retirement income account?
While you’re working, your First Super superannuation account helps you to build up your super savings. Then, as you retire, you can transfer your super to a First Super Retirement Income account.
While you’re busy enjoying your retirement, a First Super Retirement Income account is a multi-tasker. Not only does it give you regular income payments, it’s also working to grow your savings through regular investment returns. It takes the hassle out of managing your money in retirement.
We invest your funds for you, while you sit back and enjoy regular payments.
Benefits of a retirement income account
- Receive regular, flexible income payments
- Choose when you get paid
- Withdraw money whenever you like
- Funds stay invested helping retirement savings last longer
- Earn tax free investment returns
- Choice of investment options. Choose how you want your savings to be invested.
- Combine your Retirement Income account combined with government Age Pension payments (if you meet the eligibility requirements).
- Access to our Financial advice services
Fast fact
A Retirement Income account is like a savings account used in retirement. It’s also known as:
- allocated pension
- income-based pension account
- income stream
It’s a flexible, simple solution to helping your money last as long as possible in retirement.
Watch video
Learn more about Retirement Income account (also known as account-based pension).
How to set up a Retirement Income account
It’s easy to set up a Retirement Income account and give yourself peace of mind in retirement.
1. Open a First Super Retirement Income account
Read Your Retirement Product Disclosure Statement to ensure this product suits your needs and complete the retirement application form.
2. Transfer some or all of your super balance into the new account.
You’ll need to transfer a minimum amount of $10,000 to open a First Super Retirement Income account. You can still keep some money in your current First Super superannuation account too.
3. Nominate how often you’d like to receive your income payments and how much.
You control your income in retirement. You can choose to receive payments fortnightly, monthly, quarterly, or even once or twice a year. You can also choose how much you receive.
Remember that the Government requires you to drawdown a minimum amount of your account balance each year, depending on your age.
4. Choose how your money will be invested from our range of investment options.
You can choose to invest in more than one option and change this whenever you need to. While you receive your income payments, we’ll be working hard in the background to grow your remaining retirement balance for you.
Find out more about our retirement investment options.
5. Nominate a beneficiary
You can choose who could receive your ongoing payments if you pass away, this is called a reversionary beneficiary. You can also nominate a binding beneficiary to receive your retirement savings as a lump sum.
Find out more about nominating a beneficiary.
6. Sit back and relax while you wait for your first retirement income payment.
Your payments will be made to your nominated bank account either fortnightly, monthly, quarterly, half-yearly or yearly – whatever you choose.
