BUSSQ's Transition to Retirement pension (TTR)
As part of BUSSQ’s retirement pension offering, our Transition to Retirement Pension (TTR) allows you to ease into retirement and work the hours that suit you without sacrificing your standard of living. You can use your superannuation fund savings to purchase an income stream that will supplement your income from your employment during your transition to retirement.
Transition to Retirement Pension (TTR) - Eligibility
You can join BUSSQ's Transition to Retirement (TTR) if you are a member of BUSSQ industry super and:
- You have reached your preservation age (see table), and
- You are still in the workforce.
You are unable to make a lump sum withdrawal from your Transition to Retirement pension (TTR) while you are working. However, you may rollover your balance to your BUSSQ industry super account at any time.
On retirement, or at age 65 (whether you are working or not), you will be able to access your superannuation funds as a retirement income stream or as a lump sum with no maximum pension draw down limits.
The minimum amount needed to commence a BUSSQ Transition to Retirement pension (TTR) is $25,000. You may have money in other super funds that you want to use, as well as the money you already have in your BUSSQ super fund account, to start your BUSSQ retirement pension. If so, it is important you roll over those other superannuation accounts directly to your BUSSQ super fund before your super is transferred to the Transition to Retirement (TTR). It is a Government regulation that you cannot add funds to a Transition to Retirement pension (TTR) once it has commenced. If you want to rollover superannuation funds from other super funds, it’s easy to do with our Roll 'n' Save tool in MemberAccess.
For further reading on our Transition to Retirement pension (TTR), please refer to the Transition to Retirement (TTR) fact sheet or Product Disclosure Statement (PDF 3.8MB).
To start a BUSSQ Transition to Retirement pension (TTR) – or for assistance with retirement pension options, retirement planning, superannuation investment options or retirement income streams -
book in to speak with a BUSSQ Financial Planner today and get your retirement sorted.