Get rewarded in retirement!
02 May 2019
BUSSQ pays a Retirement Reward to all eligible members who open a Retirement, Disability or Beneficiary Income account.
In order to be eligible you, or the account holder for which you are a beneficiary, must have been a member of BUSSQ for more than 12 months when you open an Income account.
The Retirement Reward is a tax saving that we are able to pass on to our members. When you have a BUSSQ Super account or Transition to Retirement (TTR) Income account, we set aside money for any capital gains tax payable when investment assets are sold. When you open an Income account the funds transferred into this account become tax exempt and the money previously set aside to cover any tax payable can be released to you as a credit.
The amount of your Retirement Reward is determined by:
- BUSSQ’s tax position over time
- Your account balance history over time
- Your chosen investment options, including their taxation position and the timing of any switches you have made between investment options.
The Retirement Reward is currently zero for the Cash investment option as there are no capital gain liabilities for this investment option.
Your Retirement Reward amount will be included when determining your minimum payment rates and it counts towards your Transfer Balance Cap. You can elect to have your Retirement Reward paid in cash to your nominated bank account. If no election is made, your Retirement Reward will be retained in your new BUSSQ Income account.
If you are starting a TTR Income account you will not be eligible for a Retirement Reward, however when you do retire or meet another condition of release (such as turning age 65) we will automatically convert your TTR Income account to a Retirement Income account and subject to availability you will receive your Retirement Reward into your Retirement Income account.
If you're interested in starting a BUSSQ Retirement Income account, call us on 1800 692 877 for more information.