At First Super we understand that starting up a pension isn’t just a decision about money. It’s an important lifestyle choice that often comes with a lot of questions.
The biggest question often being, how can I maintain the comfort and security of a regular income in retirement?
To get you started on your journey, here’s some important things you need to know about how a First Super Allocated Pension account can help you.
- Control your income in retirement. You can choose the amount of payments* and the frequency with fortnightly, monthly, quarterly, half-yearly or yearly payments.
- Access lump sum withdrawals. 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 pension payments and investment earnings.
- Take care of loved ones. A First Super Allocated Pension lets you decide who gets what’s left in your account after you’re gone, by nominating a reversionary beneficiary to continue to receive your pension payments or by making a binding beneficiary nomination.
- Peace of mind. If circumstances change, you can transfer the balance of your Allocated Pension account back into a super account.
If you are unsure about what is best for you, you may like to seek advice from a First Super Financial Planner^. They’ll assess your situation, discuss your goals and help you make the choice that’s right for you.
* You must draw the minimum pension payment based on the table below.
~ Based on current tax regulations for age 60 and over.
^Financial Advice will be provided by First Super financial planners who are authorised representatives of Industry Fund Services Ltd (IFS) (ABN 54 007 016 195, AFSL 232514).